Building approvals fell back again in August, according to data released this week by the Australian Bureau of Statistics (ABS).
The seasonally adjusted figures show that the total number of dwellings approved fell 6.1% in August to 13,991, after an 11% rise in July.
ABS head of construction statistics Daniel Rossi observed that the result was driven by a 16.5% fall in approvals for multi-unit homes, following a July increase.
“The movements in dwellings excluding houses continue to be the result of volatility in apartment approvals, with the broad environment around apartments remaining subdued”, Rossi said.
“Private sector house approvals continued to slowly rise, up 0.5%”, he added.
Approvals to build standalone houses rose 0.5% (to 9,338 dwellings), to be 8.4% higher than August 2023.
New South Wales recorded the largest rise of all the states, at 3.9%. Western Australia continued to track higher, approving its highest number of private houses since June 2021.
Approvals to build multi-unit dwellings fell 16.5% (to 4,418 dwellings), to be 6.1% lower than one year ago.
The August result was driven by a decrease in approvals for high-density apartments. There were 1,214 apartments approved in nine or more storey blocks in August, compared to 2,504 in July.
The total value of residential building approvals fell 6.7% (to $7.96 billion), primarily driven by a fall of 7.9% in the value of new residential building approved (to $6.81 billion). Alterations and additions rose 1.4% (to $1.14 billion), in seasonally adjusted terms.
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