Master Builders Australia welcomes the increase in approvals for the building of new homes of 4.2 per cent seasonally adjusted in July 2015.

“The rise in dwelling units approved will add further to strength to the pipeline of work yet to be done by residential builders with 223,000 dwellings approved in the 12 months to July,” Peter Jones Chief Economist of Master Builders Australia said.

“The volatile high rise apartment sector bounced back by 6.1 per cent offsetting a fall of three per cent in detached housing approvals as the mature stage of the cycle unfolds,” he said.

“Meanwhile, the value of alterations and additions work continues to accelerate, foreshadowing that it will take over as the driver of overall growth in the residential building sector. Although in seasonally adjusted terms approvals fell in July, comparing the three months to July to same period last year, the value of approvals is up 14.3 per cent,” Peter Jones said.