BUILDING approvals are at record levels and if you live in Melbourne you are more likely to hear the sounds of construction than anywhere else.

According to CoreLogic RP Data there were a record 214,331 dwellings approved nationally in the past 12 months.

Of that 45.9 per cent of approvals were for units.

For houses, the region with the greatest number of approvals over the financial year was south east Melbourne (which includes council regions such as Casey and Cardinia) with 4874 approvals.

In the unit market, inner Melbourne, was where the most units were approved with 12,516 getting the green light.

CoreLogic RP Data research analyst Cameron Kusher said the surge in approvals nationally coincided with very low interest rates and demand by investors.

In all 15 of the top 20 regions for house approvals were within capital city areas, with the remaining five Geelong, Sunshine Coast, Gold Coast, Latrobe-Gippsland and Bunbury.

 

Building approval figures are at record levels. Source: ThinkStock

Mr Kusher said there was already a huge volume of new unit construction underway in Melbourne and the pipeline just kept growing.

“To put the volume of approvals in perspective, Brisbane Inner City with the second highest number of approvals - 5808 - has less than half as many unit approvals as Inner Melbourne,’’ he said.

In Western Australia the north west region of Perth had the highest number of house approvals in that state with 4223 new houses given the go ahead while in the south east had 1971 units approved.

Sydney’s south west had the highest number of house approvals with 2537 approved while Parramatta was most popular with 4171 unit approvals.

Source：http://www.news.com.au/finance/real-estate/building-approvals-are-at-record-levels-but-where-will-all-the-new-properties-be-built/story-fncq3era-1227461943748