$28 billion in building permits in 2014-15
Wednesday August 19 2015
A record $28 billion of building permits were reported to the Victorian Building Authority (VBA) as issued in the 2014-15 financial year.
Driven by major increases in the value of building permits for Domestic (which includes houses) and Residential (including apartments), the total value was 11 per cent higher than the $25.3 billion reported in the previous financial year. The number of building permits, 105,431, is below the record 113,670 permits in 2009-10, but it is 4 per cent above the 101,349 in the 12 months to the end of June 2014.
The Chief Executive Officer of the VBA, Prue Digby, said that among highlights of the latest building permit data was that there were increases in the value of permits in all regions of the state in 2014-15 compared with 2013-14.
"In the five Rural regions, all but one, the North East, recorded double digital growth year-on-year. Overall Rural growth in building permit value was 21.5 per cent, outstripping the combined growth in the two Metropolitan regions of 8.3 per cent," Ms Digby said.
"There also were increases in both value and number of permits reported for Domestic and Residential. Domestic building permits (which includes houses) reported rose in value by 13.6 per cent to $14.4 billion and the number of permits rose 4.1 per cent. With Residential (which includes apartments), the value of permits reported leapt 39 per cent to $4.8 billion and the number of permits jumped 7 per cent to 2,625."