The total number of dwellings approved fell 0.7 per cent in seasonally adjusted terms in June, following a 11.2 per cent rise in May, according to data released today by the Australian Bureau of Statistics (ABS).
Daniel Rossi, head of construction statistics at the ABS, said “the decrease in the total number of dwellings approved in June was driven by a fall in approvals for private sector dwellings excluding houses, which dropped 5.7 per cent.”
“Approvals for private sector houses rose 1.2 per cent in June, following a 2.1 per cent fall in May.
“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”. This reflects a year-on-year rise of 19.8 per cent for June 2022, following weaker rises of 2.6 per cent for June 2021 and 0.7 per cent for June 2020.
Across Australia, the number of dwelling approvals rose in Victoria (6.3 per cent), Western Australia (1.7 per cent), New South Wales (1.5 per cent) and Tasmania (1.0 per cent), in seasonally adjusted terms. Dwelling approvals decreased in South Australia (-10.1 per cent) and Queensland (-2.0 per cent).
Approvals for private sector houses rose in New South Wales (9.2 per cent) and Victoria (4.2 per cent), while declines were recorded in Queensland (-7.8 per cent), Western Australia (-2.9 per cent) and South Australia (-0.9 per cent), in seasonally adjusted terms.
The value of total building approved fell 4.7 per cent in June, following a 10.8 per cent rise in May. The value of total residential building fell by 3.7 per cent, comprised of a 3.9 per cent fall in the value of new residential building approved and a 2.2 per cent decrease in the value of alterations and additions.
The value of non-residential building fell 6.1 per cent, following a 17.0 per cent increase in May.
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