Building approvals continue their record climb: Australia

The number of dwellings approved rose 17.4 per cent in March (seasonally adjusted), following a 20.1 per cent rise in February, according to data released today by the Australian Bureau of Statistics (ABS).

Daniel Rossi, Director of Construction Statistics at the ABS, said: “The total number of dwellings approved in March was the second highest recorded, only exceeded by the November 2017 result.”

Private sector dwellings excluding houses drove the increase, rising 63.6 per cent.

“The number of private sector house approvals also remained at elevated levels due to HomeBuilder, edging up 0.1 per cent to a new record high in March.”

Total dwelling approvals rose in New South Wales (26.9 per cent), Victoria (24.7 per cent), Queensland (12.1 per cent) and South Australia (3.5 per cent), in seasonally adjusted terms. Total dwelling approvals in Western Australia and Tasmania fell (-6.4 per cent and -4.8 per cent respectively).

Approvals for private sector houses rose in Victoria (7.8 per cent) and South Australia (3.6 per cent), in seasonally adjusted terms. Falls were recorded in New South Wales (-10.5 per cent), Queensland (-4.0 per cent) and Western Australia (-0.1 per cent).

The value of total building approved increased 36.3 per cent to reach a record high, in seasonally adjusted terms. The value of total residential building rose 22.9 per cent, driven by a 25.4 per cent rise in new residential building. Residential alterations and additions rose 7.3 per cent, reaching an all-time high.

The value of non-residential building reached an all-time high (up 59.4 per cent), driven by a large rise in both private and public projects in March.

/ABS Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.