The total number of dwellings approved rose 4.0 per cent in February, in seasonally adjusted terms, following a 27.1 per cent fall in January, according to data released today by the Australian Bureau of Statistics (ABS).
Daniel Rossi, ABS head of construction statistics, said: “This increase was driven by an 11.3 per cent rise in approvals for private sector houses, after a 10-year low in January. The result remains 13.6 per cent lower than February 2022.”
“Private sector dwellings excluding house approvals fell a further 9.5 per cent in February, following a 40.3 per cent decline in January, and is at its lowest level recorded since July 2012,” Mr Rossi said.
“Total dwelling approvals have continued their downward trend since September 2022, following the conclusion of government stimulus and rising interest rates.”
Across Australia, total dwelling approvals increased sharply in Tasmania (+122.1 per cent), while South Australia (+28.5 per cent), New South Wales (+14.0 per cent) and Victoria (+8.5 per cent), also rose. Queensland (-13.7 per cent) and Western Australia (-6.4 per cent) fell in seasonally adjusted terms.
Approvals for private sector houses rose in all states: Queensland (+18.8 per cent), Victoria (+10.3 per cent), New South Wales (+9.9 per cent), Western Australia (+2.4 per cent), and South Australia (+1.6 per cent).
The value of total building approvals rose 19.7 per cent, following a 19.2 per cent fall in January. The value of total residential building approvals rose 7.7 per cent, comprised of an 8.4 per cent increase in new residential building and a 3.7 per cent rise in alterations and additions.
The value of non-residential building approved increased 39.8 per cent, following a 27.6 per cent fall in January.