Building approvals fell 10.5% in March: ABS
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The news: The total number of dwellings approved fell 10.5% in March to 17,300, after surging 101.1% in February, according to the latest report from the Australian Bureau of Statistics.
The numbers: Private sector dwellings, excluding houses, fell 26%, while private sector houses rose 0.9% to 10,194, compared to the month prior.
The total value of total residential building fell 15.8% to $10.7 billion, while the value non-residential building fell 25.3% to $5.9 billion in March.
This dataset is volatile on a month-to-month basis typically due to the influence of large projects, such as multi-home apartment complexes.
The context: The ABS found that New South Wales recorded the largest rise in private sector house approvals, up 9.5% to its highest level since August 2022, while Western Australia recorded the largest fall, down 8.6%.
What they said: “The fall in total dwellings approved was driven by a 26.0% drop in private dwellings excluding houses, following a 101.1% rise in this series in February,” ABS head of construction statistics Daniel Rossi said.
