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Approvals tumble in January

Approvals to renovate or build new homes continue to seesaw, according to data released this week by the Australian Bureau of Statistics (ABS).

The latest figures show that the total number of dwellings approved fell 27.9% in seasonally adjusted terms in January, following a 9.8% rise in December.

The fall was driven by a large fall in the multi-unit sector, which dropped by a whopping 43.6%.

Approvals for standalone houses also declined sharply, to be down 17.5% in January, following a 0.3% decline in December.

Daniel Rossi, ABS Director of Construction Statistics, said the series has now returned closer to historic levels, with the January result 0.8% higher than the pre-pandemic level in January 2020.

Across Australia, the total number of dwelling approvals fell in Victoria (down 35.5%), South Australia (29.2%), New South Wales (25.9%), Western Australia (19.9%) and Tasmania (13.9%) but rose slightly in Queensland (up by 0.5%), in seasonally adjusted terms.

Approvals for houses fell in all mainland states: South Australia (down 19.9%), Victoria (18.6%), Western Australia (16.5%), Queensland (15.7%), and New South Wales (14.0%), in seasonally adjusted terms.

The value of residential building fell 22.8%, comprising a 24.9% decline in the value of new residential building, and a 10.3% fall in the value of 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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