Building approvals rose 1.9% in March: ABS
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The news: The total number of buildings approved rose 1.9% in March after a 0.9% decrease in February, new Australian Bureau of Statistics (ABS) data shows.
The numbers: The ABS said that approvals for private houses rose 3.8%. Approvals for private sector dwellings excluding houses rose 3.6% in March in seasonally adjusted terms, following a 12 year low in February.
Total dwelling approvals rose in Victoria (3.2%) and Western Australia (1.5%). However, Tasmania (-18.1%), South Australia (-7%), Queensland (-5.2%), and New South Wales (-1.2%) fell in March.
Approvals for private sector houses grew in Victoria (6.0%), New South Wales (4%), Queensland (3.2%), and South Australia (1.1%). Only Western Australia (-1.8%) saw a March decrease.
By state, average approval value compared to a year ago rose the most in Queensland (10.1%), followed by Western Australia (4.2%), New South Wales (3.5%), Victoria (3.5%), and South Australia (0.4%).
The value of total building approved rose 15.9%, following a 16.8% decrease in February. The value of total residential building rose 8.3%, comprising an 8.7% increase in new residential building and a 6.1% rise in alterations and additions.
The value of non-residential building rose 28.7%, after a 16.8% February fall.
The context: The ABS noted that average approval value for a new house continued its annual rise in March 2024. Its average of $468,800 per house was 4.2% higher than the average value in March 2023, although the pace of growth in average approval values has slowed.
Higher construction costs continue to weigh on dwelling approvals, with the average approval value for a new house rising in all states.
The source: ABS media release
