The total number of dwellings approved rose by 0.4% across the nation in February, in trend terms, thanks to an increase in building approvals for apartments and townhouses.
Data released by the Australian Bureau of Statistics (ABS) showed that building approvals for private dwellings excluding houses climbed by 2.6% during the month. Private houses, meanwhile, slid by 0.8%.
Among the states and territories, total dwelling approvals grew in New South Wales (3.1%) and Western Australia (2.0%), in trend terms. Northern Territory (-6.5%), the Australian Capital Territory (6.3%), Queensland (-2%), South Australia (-1.1%), and Victoria (-0.8%) all recorded falls in total dwelling approvals. Result for Tasmania was flat.
ABS also reported that approvals for private houses decreased in New South Wales (-2%), Victoria (-1.1%) and Queensland (-0.8%). On the other hand, increases were recorded in South Australia (2%) and Western Australia (0.5%).
In seasonally adjusted terms, total dwellings improved by 19.1% in February, largely driven by growth in Victoria (37.3%) and New South Wales (25.2%).
“Apartment approvals in New South Wales and Victoria drove the positive figure, but this is an expected blip given the lumpy nature of the high-density sector,” said BIS Oxford Economics Economist Maree Kilroy.
Private dwellings excluding houses rose by 64.6%, while private houses fell by 3.6%.
The value of total building approved rose 1.3% during the month, in trend terms. The value of non-residential building was up 1.9%, while residential building slid by 0.8%.
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