Building approvals slowed toward the end of 2024, with Australian Bureau of Statistics (ABS) data revealing a 3.6% decline in November compared to October.

The figures, released in January, show decreases across all residential building types, highlighting that Australia remains far from meeting the government’s target of 1.2 million new homes by mid-2029.

ABS head of construction statistics, Daniel Rossi, reported a 1.7% drop in house approvals and a sharper 10.8% decline in approvals for units, apartments, and townhouses.

Queensland was the only state to see growth in private-sector house approvals in November, with a 4.3% rise.

Across the states, unit approvals outpaced house approvals, particularly in Victoria, where 4,644 units were approved compared to 2,567 houses.

News South Wales has 3,539 units and 1,744 houses, Queensland 3,259 units and 2,026 houses, South Australia 1,104 units and 895 houses and West Australia 2,085 units and 1,518 houses.

Despite the drop in approval numbers, the value of residential construction continues to rise due to increased development costs.

ABS data shows the total value of building approvals climbed by 6.6% in November to reach $14.32 billion.