Total approvals for new residential building were valued at $20,840m in 2001, increasing by 9% from the value of approvals in 2000 ($18,202m, see table 20.11). This pattern was reversed for the value of work done, which decreased by 10% in 2001. This reflects the impact of the lead time between approvals and activity in the period after the introduction of The New Tax System, as shown in graphs 20.8 and 20.10.
The value of new houses, in terms of both approvals and activity, dominates the residential sector.
20.11 VALUE OF RESIDENTIAL BUILDING
|
 | | Approved | Work done |
| |
|
|
| | 2000 | 2001 | 2000 | 2001 |
| | $m | $m | $m | $m |
|
| New residential buildings | | | | |
| New houses | 12,599 | 14,709 | 14,720 | 13,207 |
| New other residential buildings | 5,604 | 6,131 | 6,420 | 5,848 |
| Total | 18,202 | 20,840 | 21,140 | 19,055 |
| Alterations and additions to residential buildings(a) | 3,075 | 3,428 | 3,665 | 3,821 |
|
| (a) Valued at $10,000 or more. |
| Note: Due to seasonal adjustment methods, totals do not necessarily equal the sum of the components. |
Source: Building Activity, Australia (8752.0); Building Approvals, Australia (8731.0). |
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