Building approvals have plummeted over the past year, with South Australia and Tasmania the only states to defy the trend.
New data from the Australian Bureau of Statistics has revealed there were 16,448 building approvals in May – down 19.7 per cent on the year before.
Approvals were also down 13.4 per cent on the previous quarter and 5.6 per cent on the previous month.
|May 2017||Monthly change||Quarterly change||Annual change|
|Total dwelling units approved||16,448||-5.6%||-13.4%||-19.7%|
|Private sector houses||9,252||0.6%||-0.8%||-6.8%|
|Private sector dwellings excluding houses||7,027||-12.1%||-25.1%||-31.3%|
Building approvals fell significantly in New South Wales and Victoria – a notable result for frustrated buyers in Sydney and Melbourne who might have hoped for more housing to put downward pressure on prices.
Conversely, residents of Western Australia might welcome that state’s decline in approvals, given that an oversupply of housing has helped trigger a slump in Perth.
|Total dwelling units approved||May 2017||Monthly change||Quarterly change||Annual change|
|New South Wales||4,750||-16.0%||-31.5%||-31.3%|