Building approvals fell 5.7% in April, missing estimates
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The news: Building approvals fell 5.7% in April to 14,633, according to new data released by the Australian Bureau of Statistics (ABS).
Economists had expected to see monthly growth of 3.1%.
The numbers: The ABS reported a 19% fall in private dwellings, excluding houses, to 4,999 dwellings. It followed a 14.4% decline in March and was 14.3% higher than in April last year.
Private sector house approvals grew 3.1% to 9,349 dwellings, following a 1.9% fall in March. The monthly result was 4.6% higher than April 2024.
New South Wales and Queensland were the main drivers of the overall rise in private sector house approvals, with both states up 7.3% in April.
The value of total buildings approved rose 5.6% in April to $16.82 billion, after an 11.5% rise in March.
The value of total residential building fell 1.3% to $8.91 billion, following a 7.3% fall in March.
The value of non-residential buildings approved rose 14.7% to $7.91 billion, the second highest result on record and 39.6% higher than April 2024, the ABS said.
The context: The ABS said fewer apartment approvals drove the overall fall in private sector dwellings excluding houses.
Meanwhile, the key driver of value growth was the increased value of non-residential projects rather than the number.
The source: ABS
