New statistics reveal Brisbane residents are more likely to build new homes than renovate existing properties. Picture: Dan Peled
New statistics reveal Brisbane residents are more likely to build new homes than renovate existing properties. Picture: Dan Peled

New $400m home building spike to drive home prices down

BRISBANE residents were more likely to build a new home than renovate an existing property with $414.3 million in new builds approved by council in the past financial year.

Building approvals in Brisbane for July fell 12 per cent compared to the same time last year, latest Australian Bureau of Statistics figures reveal.

But the new home industry is booming in Logan, Moreton and Ipswich.

In Brisbane, the average value of a new home was $419,340, while apartments came in at $346,231.

Residents in Brisbane were more likely to build a new home than renovate an existing property with $414.3 million in new building approvals compared to $64.4 million for renovation projects.

This trend was seen across Queensland, with many other regions reporting that the money spent on new homes now far outstrips that spent on home renovations.

Residents across Queensland appear to be spending less money on renovations and home on new homes. Picture: Josh Woning
Residents across Queensland appear to be spending less money on renovations and home on new homes. Picture: Josh Woning

Down south in Logan, residents saw one of the biggest spikes in building approvals across the state.

Approvals in Logan for July jumped 71 per cent compared to the same time last year.

In Logan, the average value of a new home was $216,264, while apartments came in at $174,175.

Like in Brisbane, Logan residents were more likely to spend money on new homes, than old ones, with $83.6 million in new building approvals compared to $3.9 million for renovation projects.

Moreton Bay Council approved 19 per cent more buildings this July compared to the previous year and there was $131.1 million in new building approvals compared to $6.7 million for renovation projects.

The average value of a new home in Moreton Bay was $259,551, while apartments came in at $288,377.

Out west in Ipswich, building approvals spiked 1.8 per cent in the past financial year.

In Ipswich, the average value of a new home was $238,963, while apartments came in at $253,600.

Residents in Ipswich were also more likely to build a new home than renovate an existing property with $68.2 million in new building approvals compared to $1.8 million for renovation projects.



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