Apartment spike drives building approvals
IPSWICH'S housing approvals hit almost $80million in August on the back of a spike in unit approvals.
Australian Bureau of Statistics figures show 333 dwellings worth a total of $79.7million were approved in the Ipswich council region in August.
The number and total value of approvals was up on July when 278 houses and apartments worth $66.5million were approved.
The increase came alongside a significant jump in unit approvals. The figures show 95 apartments were approved in August, whereas just four were approved in July.
Throughout the year 512 houses have been approved in Ipswich, down from 589 approvals across the same period in 2017.
But apartment approvals are up on the same period in 2017. From January to August this year 99 apartments have been approved, compared to 61 in the same period last year.
In the Scenic Rim 25 houses and two apartments valued at $8.3million were approved.
But in the Somerset and Lockyer Valley regions approval values slipped.
In Somerset nine houses valued at $2million were approved in August, down from 12 houses worth $3million in July.
In Lockyer Valley the number of houses approved remained steady on 20 but the value dropped slightly from $5.2million to $5.1million.
Master Builders Queensland deputy CEO Paul Bidwell said construction remained a key economic sector in every community.
"Building approvals is a really important indicator of how the local economy is doing," he said.
"If people are living and working in the area, if industry is doing well, then people are going to be looking at building."
Mr Bidwell said almost all approved buildings were built, but construction commencement could take years.
"The correlation between approvals and construction is very high, around 99 per cent.
"If a developer is doing their job right, they shouldn't be applying for approvals for buildings that aren't going to get built." -NewsRegional