Dwelling approvals rose again in December, according to data released this week by the Australian Bureau of Statistics (ABS).
The seasonally adjusted figures show that the total number of homes approved rose 0.7% in December to 15,174, following a 3.4% fall in November.
ABS head of construction statistics Daniel Rossi noted that the overall rise in December was driven by 15.2% growth in multi-unit homes.
“Approvals for private sector houses fell for the third straight month, down 3.0%”, he said.
“In original terms, a total of 171,394 dwellings were approved across the 2024 calendar year. This was 4.7% higher than the 163,722 dwellings approved in 2023.”
New South Wales was the only state to see growth in standalone house approvals in December, with a 2.9% rise.
The 3.0% drop in house approvals across Australia follows a 1.7% fall in November, to be 1.8% lower than December 2023.
The ever-volatile muti-unit sector rose 15.2% to 6,209 dwellings, after a 10.4% fall in November. The rise in December was driven by large apartment approvals in New South Wales and Queensland, which pushed this category 42.7% higher than one year ago.
In original terms, 59,312 apartments were approved in the 2024 calendar year, compared with 60,116 in 2023, representing a 1.3% fall.
In December, the value of total residential building value fell 0.9% to $8.32 billion. This was made up of a 0.5% drop in the value of new residential building approved ($7.22 billion), and a 3.7% fall in alterations and additions ($1.11 billion).
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