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Building approvals continue to soar

The number of dwelling approvals has risen 17.4 per cent in March (seasonally adjusted), following a 20.1 per cent rise in February, according to data from the Australian Bureau of Statistics (ABS).

The number of dwelling approvals has risen 17.4 per cent in March (seasonally adjusted), following a 20.1 per cent rise in February, according to data from the Australian Bureau of Statistics (ABS).

ABS Director of Construction Statistics Daniel Rossi 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, were the driving force behind 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,” Rossi said.

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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.

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