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Number of dwelling units approved rises in March

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The number of dwelling units approved rose by 0.8% from February to March this year according to data released by the Australian Bureau of Statistics recently.

17,528 units were approved, of which 9,012 were private sector houses, which ended a 9-month decline of approval numbers.

Private sector houses, on the other hand, continue to decline on a significant downward trajectory, with March 2016 the last time approvals had made an increase.

However, despite the slight improvement in approval numbers, the total number of dwelling units approved over the last 12 months has made a significant decrease.

The number of approvals had fallen by 13.1% from March 2016 to March of this year.

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When seasonally adjusted, the figures paint an even worse picture.

Over the last year, the amount of dwelling units had fallen by a staggering 19.9%. and private sector dwellings excluding houses had fallen by 28.4%.

The value of new residential buildings rose 1.1% in March and has risen for the last 3 months, bouncing back after it plummeted midway through last year.

Closer to home, the total number of dwelling units approved in South Australia decreased by 0.1% in March after rising for 3 months.

For private sector houses, South Australia had fallen by 0.4% in March and has continued on a downward trajectory for the last year.

New South Wales, Victoria, and Queensland were the only states mentioned to have made an increase in the number of dwelling units approved from February to March.

However, New South Wales and, surprisingly, Western Australia were the only states to have had an increase in the number of private sector houses approved.

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