- 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.
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.
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.
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.