Approvals for private houses increase in February
Australia saw a 1.9% decline in the total number of dwelling approvals in February, marking a continuation of the downward trend observed with a 2.5% drop in January, as reported by the Australian Bureau of Statistics (ABS).
“Approvals for private sector dwellings, excluding houses, fell 24.9% in February in seasonally adjusted terms, driven by a fall in the number of approved large apartment projects,” said Daniel Rossi, head of construction statistics at the Australian Bureau of Statistics. “Approvals for private houses rose 10.7% in February.”
ABS’s latest building approvals data also showed that across the states, approvals for private sector houses saw increases, with Western Australia leading at a 20.7% rise, followed by New South Wales at 17%, Victoria at 12.4%, Queensland at 3.4%, and South Australia at 2%.
However, Queensland experienced a significant 28.5% fall in total dwelling approvals. On the other hand, Tasmania recorded a notable 39.3% increase, New South Wales 23.4%, South Australia 15.4%, Victoria 2.1%, and Western Australia 0.9%.
"Approvals for private sector dwellings excluding houses fell 24.9% in February in seasonally adjusted terms, driven by a fall in the number of approved large apartment projects," Daniel Rossi, ABS head of construction statistics
— Australian Bureau of Statistics (@ABSStats) April 4, 2024
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ABS also reported that the overall value of building approvals declined by 16.5%, following a 14.5% increase in January. This decrease includes a 16.8% drop in the total residential building value, with a 19.1% decrease in new residential buildings and a slight 0.1% reduction in alterations and additions.
The value of non-residential buildings had a 16% decrease after an 11.6% increase in the previous month.
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