Building Approvals ABS
Building approvals have jumped in February. Image: Canva
  • February saw dwelling approvals increase by 21.6% as a seasonally adjusted estimate
  • The value of residential approvals rose 21% in the month
  • Queensland saw the biggest jump in building approvals for the month

Dwelling building approvals saw a 21.6% uptick in February in seasonally adjusted terms, according to data from the Australia Bureau of Statistics (ABS).

The February spike followed a 19.4% fall in January.

Interestingly the total dwelling approvals yearly change is on par at 20.1%. This is because levels from February 2020 are similar to the start of this year.

ABS_Dwellings_Units_Approved
Source: ABS

Approvals for private sector houses jumped by 15.1% in February. This puts it at a new record high of 13,939 houses.

Approvals for private sector dwellings excluding houses on the other hand increased massive 45.3% in February reaching 5,082. This jump however still leaves approvals 28.7% lower than February 2020.

ABS_Dwellings_Approved
Source: ABS

Victoria had the most approvals across the states with 5,690 in February, this is after a 21.7% increase.

New South Wales saw 4,550 approvals in the month, the second most approvals. They only saw a very modest rise of 16.1% in February.

Queensland led the pack with a 40.5% jump in February, with dwelling building approvals reaching 3,930. This still leaves them with the third most approvals across the states.

ABS_Value_Building _Approvals
Source: ABS

The value of the total residential building approved rose by 21% in February.

This number included a 11.1% uptick in residential alterations and additions 22.8%, as well as a jump in new residential building values, in seasonally adjusted terms.



You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.