- This represents the third consecutive month of declines for total dwelling approvals
- Of the five major markets, only Tasmania and South Australia recorded in increases
- The value of total residential building approvals fell by 4%
New data has revealed that the total number of dwellings approved fell by 9% during November, in seasonally adjusted terms.
This follows a 5.6% decrease in October, according to the Australian Bureau of Statistics (ABS).
“The result was driven by private sector dwellings excluding houses, which decreased 22.7 per cent. Approvals for private sector houses fell by 2.5 per cent,” said Daniel Rossi, ABS head of construction costs.
“The November result is the third consecutive month of declines for total dwelling approvals, having fallen 21.7 per cent since August.”
The data shows that the total number of dwellings approved fell in New South Wales (-18.4%), Western Australia (-17.5%), Victoria (-12.7%) and Queensland (-5.6%). Tasmania (75.7%) and South Australia (10%) recorded increases.
In terms of private sector houses, this fell across most states. Victoria (-8%), WA (-6.1%), SA (-2.6%) and Queensland (-1.2%) all recorded decreases. NSW bucked the trend and rose by 1.2%.
The data also revealed that the value of total building approvals fell 1.5% in November, following a 0.4% decrease in October.
The value of total residential building approvals fell 4%, thanks to a 3.1% decrease in new residential buildings and a 9.2% decrease in alterations and additions.
Despite this, the value of non-residential building approved stayed strong, increasing 2% in November, following a 2.3% rise in October.
The news follows confirmation that the current decline in house prices is the largest on record.
