Dwelling approvals down 1.5% in May

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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%.

 

Related stories:
Australian Home Values Down 0.8% Since October
Analysts Anticipate Record Low Cash Rates Until 2019

 

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