Building approvals rose again in February, due largely to a jump in houses, according to data released this week by the Australian Bureau of Statistics (ABS).
The seasonally adjusted figures show that the total number of dwellings approved rose 4.0% in February, following a 27.1% fall in January.
The increase was driven by an 11.3% rise in approvals for standalone houses, after a 10-year low in January. The result nevertheless remains 13.6% lower than February 2022.
Multi-unit approvals fell a further 9.5% in February, following a 40.3% decline in January, and is at its lowest level recorded since July 2012.
Across Australia, total dwelling approvals increased sharply in Tasmania (up by a whopping 122.1%), and to a lesser degree in South Australia (up 28.5%), New South Wales (14.0%) and Victoria (8.5%). Queensland (down 13.7%) and Western Australia (6.4%) fell in seasonally adjusted terms.
Approvals for standalone houses rose in all states: Queensland (up 18.8%), Victoria (10.3%), New South Wales (9.9%), Western Australia (2.4%), and South Australia (1.6%).
The value of total residential building approvals rose 7.7%, comprising an 8.4% increase in new residential building and a 3.7% rise in alterations and additions.
