Falls in Victoria and Queensland drove house approvals lower in March, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total number of homes approved fell 8.8% in March, to 15,220, seasonally adjusted.
Falls were seen across all dwelling types with multi-unit homes down 15.1%, and standalone houses 4.5% down.
Across Australia, the number of house approvals fell 4.5% (to 8,804 dwellings), following a 1.1% rise in February. The result is 3.3% lower than March 2024. Victoria and Queensland were the main drivers of the fall, dropping 10 and 8%, respectively.
Approvals to build apartments plummeted in March, falling 15.1% (to 6,104 homes), following a 1.3% fall in February. Despite the drop, approvals in this sector were 47.1% higher than in March 2024.
Fewer new apartment approvals drove the overall fall in the series, with Victoria approving only 671 apartments in March compared with 2,294 in February.
The value of total residential building approvalss fell 7.6% (to $8.98 billion), following an all-time high value ($9.72 billion) in February. The result was made up of an 8.6% drop in the value of new building (to $7.81 billion) and a 0.7% fall in the value of alterations and additions (to $1.16 billion).
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