The latest building approvals data released today by the Australia Bureau of Statistics shows the total number of dwelling approvals grew 10 per cent over the month of November 2022 to be 1,226.
The increase in dwelling approvals for November was the highest increase on the mainland, with decreases experienced in every other mainland state.
South Australia also experienced an increase in dwelling approvals of 15.2 per cent over the year to November 2022, while all mainland states experienced significant decreases led by Western Australia (-33.8 per cent), Queensland (-25.5 per cent) and Victoria (-17.4 per cent), with dwelling approvals down 15.1 per cent nationally.
The data follows recent statistics from CoreLogic for December which shows house prices remain steady in Adelaide, only falling 0.4 per cent in December, while larger falls were recorded in other capital cities.
Adelaide also recorded the highest median house price increase of all the capital cities over the year, of 10.1 per cent.
Attributable to Stephen Mullighan
These latest figures show South Australia’s housing market remains strong, especially compared to the eastern states, with housing prices remaining at current high levels and demand for new housing up.
South Australia’s housing market hasn’t experienced the volatility of the eastern states, and that’s good news for property owners.
While the strength of the property market is positive for those already owning houses, we know we need more supply to help others get into home ownership.