You might have walked the streets many times over the past 12 months and noticed the substantial number of construction sites and cranes in air throughout Victoria.
The Victorian Building Authority (VBA) has released its latest findings on reported building permits and the total value of building reported in 2015. In summary, this is what they found.
- In 2015, the value of building work reported to the VBA was $29.8 Billion. This is an increase from $26.9 Billion in 2014.
- The number of building permits reported also increased from 104,114 permits to 107,343 permits in 2015.
- In the residential sector alone, the value of Residential building permits (including apartments) rose by 36.5% and Domestic permits (houses) rose by 11.3% compared to 2014 figures.
- In the commercial sector, the value of Retail, Commercial and Public building permits increased by 10.6%, 9.7%, and 4.7% respectively.
- The only category of building permits to see a decline in value in 2015 were for Industrial and Hospital/ Healthcare, falling by 20.1% and 37.7% respectively compared to 2014.
- In terms of location, the value and number of permits in both Inner Melbourne and Outer Melbourne both rose. Rural areas were mixed with the value of permits in Gippsland and North East Victoria rising (13% and 10%), whereas in North West Victoria, North Central and South West Victoria they fell by between 1% and 14%.
For further information, refer to the VBA media release below: