- Number of dwellings rose 17.4% in March
- Private sector dwellings excluding houses drove the increase
- Value of total building approved increased 36.3%
Building approvals have continued their record climb in March, albeit less than the previous month.
According to data released today from the Australia Bureau of Statistics (ABS), the number of dwellings approved rose 17.4% in March (seasonally adjusted), following a 20.1% rise in February.
“The total number of dwellings approved in March was the second-highest recorded, only exceeded by the November 2017 result,” said Daniel Rossi, Director of Construction Statistics at the ABS
Private sector dwellings excluding houses drove the increase, rising 63.6%. This was driven by an increase in large apartment approvals in New South Wales and Victoria.
Dwellings approved, by building type, seasonally adjusted
“The number of private sector house approvals also remained at elevated levels due to HomeBuilder, edging up 0.1 percent to a new record high in March,” Mr Rossi continued.
The value of total building approved increased 36.3% to reach a record high, in seasonally adjusted terms.
Value of building approved, by building type, seasonally adjusted
The value of total residential building rose 22.9%, driven by a 25.4% rise in new residential building. Residential alterations and additions rose 7.3%, reaching an all-time high.
The rise in value of non-residential building (up 59.4%) can be attributed to a strong increase in both private and public projects approved in March.