Dwelling Approvals Down In December (2012)

04/02/2013 8:32 pm

Figures released this week by the Australian Bureau of Statistics show that total dwelling approvals fell across the nation by 4.4% in December, after a 3.4% rise in November. The overall fall was fuelled by a 21.8% fall in Tasmania, 12.3% fall in Victoria and 1.2% fall in New South Wales.  Increases in approvals were seen in Queensland with a 7.9% rise, followed by South Australia with 1.7% and Western Australia with 1.3%.

Private sector dwelling approvals also fell in December, recording a 3.3% drop to 7,213.  Victoria led the way with its third consecutive month of falls with a 12.7% drop, followed by Western Australia, with a 2.2% fall.  Private sector approvals rose in Queensland by 9%, followed by 5.2% in Queensland and 1.2% in New South Wales.

The value of total building approved fell 1.9 per cent in December, in seasonally adjusted terms, and has fallen for three months. The value of residential building fell 3.0 per cent while non-residential building rose 0.1 per cent.

The figures also show that approvals in the Greater Sydney area for new houses have dropped by 17.6% in December. While this was the second consecutive drop in new house approvals in the Greater Sydney area, an analysis of the short term figures available show that Sydney’s approval figures are on the up.  The States long term approval figures also show that approval figures are trending up and will continue to do so in the medium to long term.  Overall, we expect New South Wales approval figures to grow through out 2013.

Further information is available in Building Approvals, Australia (cat no. 8731.0) on the ABS website