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Approvals ease back

Building approvals remain high, despite easing back in July, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the number of dwellings approved fell 8.6% in July (seasonally adjusted). This figure has been declining for the last four months, to be 24.9% lower than the peak recorded in March this year.

Approvals to build multi-unit housing dropped by 12.3% over the month, while approvals for standalone houses fell 5.8%.

ABS Director of Construction Statistics Daniel Rossi said the fall in July was broad-based, across all sectors.

“Since the unwinding of stimulus measures and the return of lockdowns across parts of New South Wales and Victoria, approvals for private houses have fallen 24.4% from the record high in April”, Rossi added.

“Despite the fall, private house approvals remain at elevated levels and are 28.0% higher than July 2020 and 36.0% higher than July 2019.”

Across Australia, the number of building approvals fell in South Australia (down 17.9%), Tasmania (15.3%), Western Australia (11.3%), Victoria (11.0%), and New South Wales (9.9%). Approvals rose 9.0% in Queensland.

The value of total residential building fell 6.6% in July, comprising a 7.6% fall in new home building and a 0.1% rise in 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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