Sydney, Jan 6: Last November, Australia saw a modest 1.6 percent increase in seasonally adjusted dwelling approvals, following a significant 7.2 percent rise in October, as reported by the Australian Bureau of Statistics (ABS).
Daniel Rossi, the ABS head of construction statistics, highlighted the mixed results within the sector. While approvals for private sector dwellings excluding houses jumped 6.7 percent, following an impressive 17.4 percent increase in October, private sector house approvals saw a 1.7 percent decline after a 2.9 percent rise in October.
Despite these monthly gains, the total number of dwellings approved during the current financial year remains lower than the previous year. In original terms, the period from July to November 2023 saw 70,900 dwellings approved, a decrease from the 81,954 approved in the same period in 2022.
Geographically, dwelling approvals varied significantly across states.
Victoria and South Australia experienced increases of 7.8 percent and 6.0 percent, respectively.
In contrast, Tasmania, Queensland, New South Wales, and Western Australia recorded declines, with Tasmania facing the steepest drop at 22.6 percent.
The approvals for private sector houses were particularly impacted in Western Australia, Victoria, and Queensland, which all saw decreases. However, South Australia and New South Wales bucked the trend with slight increases in November.
The value of total building approvals also saw a decrease, dropping 9.2 percent after an 8.1 percent rise in October.
This decline included a 2.1 percent fall in the value of total residential building, comprised of a 2.0 percent decrease in new residential building and a 2.4 percent fall in alterations and additions.
Non-residential building approvals also declined sharply by 18.0 percent, following an 8.7 percent increase in October.
For more detailed information, the ABS’s “Building Approvals, Australia” report is available for reference.
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