The number of new projects recorded by CoreLogic for the Cordell Construction monthly report over March was 1707, which is 4% higher than in February and 4.6% lower than the five-year monthly average of projects.

The construction value of new projects captured over the month was $12.8 billion, up from $12.6 billion in February.

As with February, the highest construction value segment received within new development applications was in the apartment and unit space, accounting for 28% of the combined value of development applications captured over the month. 

CoreLogic commercial research analyst Eliza Owen observed that while apartments represented the highest value construction segment in new projects in March at $3.6 billion, this is far lower than the $6.1 billion worth of construction in new apartment projects detected in February. 

The second highest segment captured in the pipeline was civil engineering, at 25% of the construction value of new projects. 

"While the pipeline continues to rise in value, the number of projects moving into the construction stages reached a two year low," Owen said. 

"The total number of projects moving into construction over the month was 597, where the five-year monthly average is 1009.

"The total value of construction commencing over March, as collected by CoreLogic, was $4.4 billion across Australia. This was lower than $5.1 billion commencing February. 

"Most of the loss in the value of works moving into construction was attributable to a $1.4 billion decline in the value of apartment and unit commencements, however, the losses were partially offset by increased commencement value in industrial, commercial and community starts over the month."