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House building approvals continue to rise

House building approvals continue to rise

Dwelling approvals around Australia rose in March 2018, with private sector house approvals at their highest level in 15 years, according to the Australian Bureau of Statistics (ABS).

On a trend basis, total dwelling units approved was up 0.2% since February 2018, driven predominantly by private sector houses, which improved by 0.8% – the 13th consecutive monthly rise for this category.

Approvals for private sector dwellings excluding houses fell by 0.2%, having fallen for six months.

Year on year, total dwelling approvals in March 2018 were up 6.5% on March 2017, with houses up 8.7% and non-houses up 4.3%, all on a trend basis.

ABS director of construction statistics, Justin Lokhorst, said that “private sector house approvals are now at their highest level since 2003, in trend terms.”

State by state, trend increases in dwelling approvals for March 2018 were recorded in the ACT (28%), NT (5.3%) and QLD (2.3%). Falls were recorded in WA (-6.7%), TAS (-4.8%), VIC (-0.5%), NSW (-0.2%) and SA (-0.1%).

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This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.



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