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Approvals down, but high

Approvals to build new homes are slowing yet remain elevated, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the number of dwellings approved fell 6.7% in June (seasonally adjusted). This is the third consecutive month of falls, following a 7.6% drop in May and a 5.0% drop in April.

The fall was driven by an 11.8% fall in approvals to build standalone houses. Approvals in ‘dwellings excluding houses’ rose 0.8%.

ABS Director of Construction Statistics Daniel Rossi said that since the unwinding of stimulus measures, approvals for private houses have fallen 20.9% from the record high in April this year.

“Despite the fall, house approvals remain at elevated levels and are 44.3% higher than June 2020 and 37.6% higher than June 2019,” he added.

Across Australia, the number of dwelling approvals fell in Western Australia (down 30.5%), Queensland (18.4%), Tasmania (14.9%) and New South Wales (12.7%) and rose in Victoria (up 12.8%) and South Australia (8.6%).

The value of total residential building fell 2.3%, comprising a 2.9% fall in new residential building and a 2.0% rise in residential alterations and additions.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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