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Dwelling approvals up in November

With the Coalition likely to form a majority government, Inside Construction looks into how its First Home Loan Deposit Scheme could impact the construction industry.

The total number of dwellings increased by 3.6 per cent in seasonally adjusted terms in November, following a 13.6 per cent fall in October, according to data released by the Australian Bureau of Statistics (ABS).

“The rise in the total number of dwellings approved in November was driven by an increase in approvals for private sector dwellings excluding houses, which rose 9.7 per cent,” ABS Director of Construction Statistics Daniel Rossi said.

“Private sector houses continue to level off, up 1.4 per cent in November, following a 3.5 per cent rise in October. The series has been at historically elevated levels over the past year, largely driven by Government stimulus and record low interest rates. While private house approvals are no longer at record highs, the November result remains 25.8 per cent higher than the pre-pandemic level in November 2019, indicating on-going strength in the detached housing market.”

Across Australia, the number of dwelling approvals rose in Tasmania (40.8 per cent), Queensland (20.0 per cent), South Australia (14.5 per cent) and Victoria (8.9 per cent). New South Wales (-18.4 per cent) and Western Australia (-1.1 per cent) fell, in seasonally adjusted terms.

Approvals for private sector houses rose in Queensland (7.4 per cent), South Australia (6.4 per cent) and New South Wales (5.4 per cent). Falls were recorded in Western Australia (-12.1 per cent) and Victoria (-0.8 per cent), in seasonally adjusted terms.

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The value of total building approved rose 14.8 per cent in November, in seasonally adjusted terms. The increase was driven by a rise in the value of non-residential building (28.3 per cent), coming off a 20.0 per cent fall in October.

The value of total residential building rose 7.1 per cent, comprised of an 8.5 per cent increase in the value of new residential building, and a 0.8 per cent fall in alterations and additions.

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