- Dwelling approvals declined 12.9% in October
- Following a 3.9% fall in September
- Still remaining above pre-pandemic levels
Dwelling approvals declined 12.9% in October, following a 3.9% fall in September, but remained above pre-pandemic levels, according to data released by the Australian Bureau of Statistics (ABS).
ABS director of construction statistics Daniel Rossi said, “the decline in the total number of dwellings approved in October was driven by a large fall in approvals for private sector dwellings excluding houses, which fell 37.5%.
“Private sector houses stabilised, up 4.3% in October, following a 14.8% fall in September. The series has been at historically elevated levels over the past year, largely driven by Government stimulus and record low interest rates. The October result remains 34.3% higher than the pre-pandemic level in October 2019, despite slowing in recent months.”
Dwelling units approved, by building type, seasonally adjusted
Source: Australian Bureau of Statistics, October 30 2021
Across Australia, the number of dwelling approvals fell in New South Wales (-29.4%), South Australia (-8.1%), Western Australia (-2.7%), Victoria (-2%), and Tasmania (-1.8%). Queensland rose (2.2%), in seasonally adjusted terms.
The large fall in dwelling approvals for New South Wales was driven by a large decline in apartment developments approved in October.
Approvals for private sector houses rose in Western Australia (16.2%), Victoria (6.4%), Queensland (3.3%), and New South Wales (0.7%). South Australia fell (-3.3%), in seasonally adjusted terms.
The value of total building approval fell 15.1% in October, in seasonally adjusted terms. The value of non-residential building fell 20.9%m having fallen 10.4% in September.
The value of total residential building fell 11.4%, comprising a 13.5% decrease in new residential building, and a 2.6% rise in alterations and additions.
