Waning dwelling approvals recorded — ABS

By |

The number of dwellings approved in Australia fell by 3.2% in January, in trend terms, according to data released by the Australian Bureau of Statistics (ABS) on Monday.

"The trend for the total dwelling approvals series has steadily declined over the past year. The series is now at its lowest level since May 2013," said Justin Lokhorst, director of construction statistics at the ABS.

The drop was due to the 8.1% decline in private-sector dwellings excluding houses (e.g. townhouses and apartments).

Data showed that total dwelling approvals fell in many of the states and territories. These include the Australian Capital Territory (19.8%), the Northern Territory (8.0%), Victoria (4.5%), Queensland (3.9%), New South Wales (2.3%) and South Australia (0.8%). Western Australia (2.2%) and Tasmania, on the other hand, tracked upwards, with approvals rising by 1.4%.

In addition, private-sector houses’ approvals decreased by 0.4%. ABS found that approvals declined in Queensland (1.4%), New South Wales, (0.6%) and Victoria (0.3%), while increases were recorded in South Australia (2.3%) and Western Australia (0.2%).

In seasonally adjusted terms, total dwellings rose by 2.5% in January, thanks to increases in Western Australia (28.8%), Tasmania, (15.4%) and New South Wales (12.0%). Private dwellings excluding houses, meanwhile, were up by 2.7%. Private houses also increased (by 2.1%).

“Despite total dwelling approvals starting 2019 up 2% in seasonally adjusted terms, this comes off a significantly weak December result,” said Maree Kilroy, economist for BIS Oxford Economics.

The value of total building approved slid 1.5% in January, in trend terms, and has fallen for 14 months. The value of residential building fell 2.7%, while non-residential building climbed 0.4%.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : alexandria , hebersham , ferntree gully , rooty hill , torrensville

SHARE

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.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here