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.

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