The number of dwelling approvals in the country decreased by 1.5 % in May 2018, the Australian Bureau of Statistics (ABS) reported on Tuesday.
"Dwelling approvals have weakened in May, driven by a 2.6 % fall in private dwellings excluding houses," said Justin Lokhorst, Director of Construction Statistics at the ABS.
Dwellings approved for private sector houses dropped 0.5%, led by Queensland (1.7%), Western Australia (0.6%), South Australia (0.4%) and New South Wales (0.2 %). Victoria’s private sector house approvals, meanwhile, were flat.
After dropping by 4.2%, Queensland led the states and territories with the highest rate of fallen dwelling approvals. Victoria came next, down 2.7%, followed by Tasmania (2.0%), and Western Australia (0.8%).
The following states, on the other hand, surged the most; South Australia (4.3%), Northern Territory (2.8 %), and Australian Capital Territory (1.5%).
Lastly, the value of total building approvals dipped 0.7%, marking seven months of decline. The value of residential buildings was down 0.8%, while non-residential building fell 0.4%.
Australian Home Values Down 0.8% Since October
Analysts Anticipate Record Low Cash Rates Until 2019
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out