High-rise apartments lead Victoria’s residential building surge

Residential building activity has surged in Victoria, with the value of building permit activity for high-rise apartments up 70% to $2.9 billion, according to the Building Commission.

Overall building permit activity in Victoria in the 11 months to the end of May was valued at $22 billion – just 1% higher than the same period in the previous financial year.

“Residential was the standout category,” acting building commissioner, Peter Donald says.

Domestic housing building permit activity remained steady when compared with the same period last financial year, creeping up 0.6% to $12 billion.

Mr Donald said there was a 33% decrease in the value of building permits for public buildings over the 11-month period, reflecting the ongoing wind-down of government stimulus programs.

Commercial building was 5% below the same period in the 2009-10 financial year.

Inner Melbourne was the only region to record a rise in building permit activity, improving 11% to $8.9 billion.

The falls in building permit activity ranged from 0.3% for outer Melbourne to 18% for the north-east region of rural Victoria.