Brisbane has completed an unprecedented year of new apartment development with high levels of activity set to continue through 2016.
Latest ABS data reports that in Brisbane 1388 apartments were approved for building in December 2015.An astonishing 19,992 apartments were approved for building in 2015. This total was 7928 more than the 12,064 recorded the previous year a steep increase of 65.7 per cent. This result was clearly the best growth rate for apartment development of any of the capital cities although Sydney recorded a significant increase of 38.9 per cent over the year.
The number of houses approved over 2015 also increased although well below the levels recorded by the record breaking apartment market. Approvals were granted for 10,954 houses, which was 496 more or an increase of 4.7 per cent over the 10,454 approved in 2014.
The home building boom of the past year has been a significant contributor to the improvement in the local economy with the unemployment rate falling and strong jobs growth.
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