Building approvals rose 10.4% in July, outstripping estimates
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The news: Building approvals rose 10.4% in July, sailing past average estimates of a 2.5% increase, after decreasing 6.4% in June, new Australian Bureau for Statistics (ABS) figures show.
The numbers: The seasonally adjusted estimate for the total number of dwellings approved rose 10.4% to 14,797, driven by an increase in approvals for high-density apartments.
The trend estimate for total dwellings approved rose 2.1%, in line with the previous monthly increase.
In seasonally adjusted terms, private sector house approvals rose 0.6% after rising 0.3% in June, while approvals for private sector dwellings excluding houses rose 32.1% following a 20.2% June fall.
In trend terms, private sector house approvals rose 1.2% following a 1.2% increase in June. Private sector dwellings excluding houses rose 3.9%, after a 3.9% June increase.
Approvals for total dwellings rose in New South Wales (25.2%), Victoria (20.1%), South Australia (9.9%), Tasmania (8%), and Western Australia (1.9%), in seasonally adjusted terms. Queensland was the only state to fall (-5%).
Approvals for private sector houses rose in New South Wales (8.5%), South Australia (4.8%), and Western Australia (4.7%), and fell in Queensland (-5.2%) and Victoria (-1.7%), in seasonally adjusted terms.
In trend terms, approvals for total dwellings rose in Queensland (3.8%), South Australia (3.8%), Western Australia (2.9%), Victoria (2.4%), and New South Wales (0.5%), while the Northern Territory was flat. The trend estimate fell in the Australian Capital Territory (-13.9%) and Tasmania (-0.5%).
Approvals for private sector houses rose in Queensland (3.5%), South Australia (2.1%), Western Australia (2.1%), and Victoria (0.8%), while New South Wales (-1.3%) fell, in trend terms.
The value of total building approved rose 6.8% to $13.18 billion, following a 6.2% fall in June. The value of total residential building rose 9% to $8.49 billion, comprising an 11.8% increase in new residential building and a 6.8% fall in alterations and additions.
The value of non-residential building rose 3.2%, after a 15.1% June decrease.
The trend estimate of the value of total building approved rose 0.8%, following a 1% rise in June. The value of total residential building rose 2.5%, comprised of a 2.8% increase in new residential building and a 0.7% rise in alterations and additions.
The value of non-residential building fell 2%, following a 1.5% June decrease.
The context: ABS' building approvals data shows the monthly change in the number of total dwelling units approved, including building activity carried out on existing buildings.
The source: ABS media release
