Perth posts strongest gain in approvals

Perth continues to record the strongest growth in building approvals among all state capitals, according to the latest market update from Archistar.

Over the first three months of the year, building approvals in Perth increased by 117.9% from the same period in 2020. The number of approvals in Perth during the quarter was second only to Melbourne over the month but continues to widen the gap with Sydney and Brisbane.

Andrew Wilson, chief economist for My Housing Market and author of the market update, said the surge in approvals showed no signs of moderating despite the end of the HomeBuilder scheme.

“The recent unprecedented increase in house building approvals is clearly a positive for a post-COVID economic revival, contributing to continued strong jobs growth and placing downward pressure on unemployment,” he said.

Private-sector housing building approvals hit a record high in March, increasing by 11.8% from the previous peak in February.

“Supply constraints, however, are likely to emerge as a result of a significant bringing forward of demand with higher building costs leading to higher new home prices,” Wilson said.

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