Approvals Remain High But Ease Back
Building approvals remain high, despite easing back in July, according to data released this week by the Australian Bureau of Statistics. The latest figures show that the number of dwellings approved fell 8.6 per cent in July (seasonally adjusted). This figure has been declining for the last four months, to be 24.9 per cent lower than the peak recorded in March this year.
Approvals for standalone houses fell 5.8 per cent.
ABS Director of Construction Statistics Daniel Rossi said the fall in July was broad-based across all sectors. “Since the unwinding of stimulus measures and the return of lockdowns across parts of New South Wales and Victoria, approvals for private houses have fallen 24.4 per cent from the record high in April. Despite the fall, private house approvals remain at elevated levels and are 28.0 per cent higher than July 2020 and 36.0 per cent higher than July 2019.”
The value of total residential building fell 6.6 per cent in July, comprising a 7.6 per cent fall in new home building and a 0.1 per cent rise in alterations and additions.
Source: EPS Property Search