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Dwelling approvals fluctuate

Approvals to build or renovate homes continued to fluctuate in June, 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 7.7% in June, in seasonally adjusted terms, following a 20.5% increase in May.

The fall in total dwellings was driven by the volatile multi-unit sector, which fell 21%.

Approvals for standalone houses decreased 1.3%, following a 0.8% rise in May.

ABS head of construction statistics Daniel Rossi observed that the average approval value for new houses has continued to increase year-on-year since April 2021.

“In June 2022 the average approval value for a new house was $409,900”, Rossi said.

“Over the past 12 months this has risen by 12.5% to an average of $461,200 in June 2023.”

Across Australia, total dwelling approvals were mixed. New South Wales (down 44.9%) and Tasmania (down 35.6%) dropped after strong results in May (up 54.0% and 40.3%, respectively). Elsewhere, rises were recorded in Queensland (up 28.3%), Victoria (26.4%), Western Australia (8.7%), and South Australia (0.8%), in seasonally adjusted terms.

Approvals for standalone houses fell in Western Australia (down 5.5%) and Victoria (2.7%) but rose 4.6% in South Australia, 3.6% in Queensland, and 2.3% New South Wales.

The value of total residential building fell 4.6%, comprising a 4.6% fall in new homes and a 4.7% decrease in alterations and additions.

About Adam Nobel

CEO | Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA


0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 22 years experience in property investment, and 16 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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