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Building approvals oscillate

Approvals to build new homes continue to oscillate, 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 18.5% in seasonally adjusted terms in March, following a 42.0% rise in February.

The drop was driven by approvals to build multi-unit homes, which were down by a whopping 29.9%.

Approvals for detached houses also dropped, falling 3.0% in March, following a 14.6% rise in February.

Across Australia, the total number of dwelling approvals fell in Victoria (down 34.6%), Tasmania (27.3%), New South Wales (23.9%), and South Australia (23.5%) but were up 12.4% in Queensland and 5.1% in Western Australia.

Approvals for detached houses rose in Queensland (5.8%) and Western Australia (0.3%) but fell in all other mainland states: New South Wales (down 7.5%), Victoria (5.0%), and South Australia (2.2%).

The value of total residential building fell 18.3%, following a 37.7% rise in February. The fall was driven by 20.7% decrease in new homes, while alterations and additions remained unchanged.

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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