Overall number remains low, though
The total number of dwellings approved bounced back by a significant 7.5% in October, in seasonally adjusted terms – a positive upswing that followed a 4% decrease in September, the Australian Bureau of Statistics (ABS) reported.
“Approvals for private sector dwellings, excluding houses, recorded a significant rise of 19.5%, rebounding from a 3.4% decline in September,” said Daniel Rossi, the head of construction statistics at ABS. “Meanwhile, approvals for private sector houses experienced a 2.2% uptick, recovering from a 4.7% decrease in September.”
Despite the monthly surge, the overall number of dwellings approved remained relatively low for the current financial year. In original terms, 55,029 dwellings received approval between July and October, in contrast to 65,599 over the corresponding period in 2022.
Dwelling approvals: A regional breakdown
The increase in total dwelling approvals was propelled by notable increases in Western Australia (+11.0%), Queensland (+10.7%), and New South Wales (+9.6%). In contrast, declines were observed in Tasmania (-14.4%), South Australia (-7.2%), and Victoria (-1.4%).
In terms of private-sector houses, growth was recorded in Western Australia (11.7%), Victoria (6.5%), and South Australia (0.8%). Conversely, New South Wales (-4.9%) and Queensland (-3.4%) reported decreases in October.
Value of buildings approved
The total value of building approvals increased by 6.7%, following a 5.3% fall in September. Within this, the value of total residential building surged by 7%, comprising an 8.9% rise in new residential building and a 3.2% fall in alterations and additions.
Non-residential building approvals also saw a positive trend, rising by 6.2%, rebounding from a 7.6% fall in September, ABS reported.
For detailed insights, read Building Approvals, Australia.
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