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Dwelling approvals rollercoaster

Building approvals continued to fluctuate through June, according to data released by the Australian Bureau of Statistics (ABS).

The latest seasonally adjusted figures show that the total number of dwellings approved fell 0.7% in June, following an 11.2% rise in May.

The decrease was driven by a fall of 5.7% in approvals to build apartments and multi-units. Approvals for new houses rose 1.2% in June, following a 2.1% fall in May.

Daniel Rossi, head of construction statistics at the ABS, said that the average approval value for new houses continues to rise year on year, since passing $400,000 in April 2022.

“The average approval value for a new house in June was $408,782, roughly $67,500 higher than the year before and $78,500 higher than June 2019”, he added.

This reflects a year-on-year rise of 19.8% for June 2022, following weaker rises of 2.6% for June 2021 and 0.7% for June 2020.

Around Australia, the number of dwelling approvals rose in Victoria (up 6.3%), Western Australia (1.7%), New South Wales (1.5%) and Tasmania (1.0%), in seasonally adjusted terms. The only states where approvals fell were South Australia (down 10.1%) and Queensland (2.0%).

The value of total residential building fell by 3.7% in June, comprising a 3.9% fall in the value of new residential building approved and a 2.2% decrease in the value of 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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