Victorian Building Authority (VBA) has reported that the value of building permits for 2014 has reached an all time high of $26.9 billion.
As released in the VBA’s 2014 Building Permit Activity Report, the figure represents an 11 per cent increase on the previous high of $24.2 billion reached in 2011.
These figures represent the ongoing development boom in Victoria, as conveyed by Chief Executive Officer of the Victorian Building Authority (VBA), Prue Digby.
According to the VBA, the data reveals that compared to 2013, the value of building permits was higher for all seven regions of the state, and the state saw a significant increase in the number of building permits received.
Despite mass development plans for inner city Melbourne, the data shows that rural Victoria saw a significant 21 per cent increase in building permit value.
While the inner Melbourne region reported the highest value of building permits at $12.3 billion, the South West region in rural Victoria reported $1.9 billion in building permit value.
The North Central region saw the biggest percentage growth with a 33 per cent increase to $1.3 billion compared to the previous 12 months.
Additionally, the VBA’s report shows that on a municipality basis, the City of Melbourne had the highest value at $3.4 billion, followed by the City of Wyndham at $1.4 billion and the City of Greater Geelong at $1.3 billion.