FOLLOWING a revised decrease of 6.6 per cent in January, the total number of new dwellings approved in February increased by 3.1 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 18,252 dwellings were approved in February, compared to seasonally adjusted totals of 17,702 in January and 18,945 in December. When compared to the same month last year, the number of dwellings approved in February 2016 was down by 9.0 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of February increased in Tasmania (up 24.0 per cent to 234 dwellings), New South Wales (up 14.4 per cent to 5,116) and Queensland (up 9.5 per cent to 3,873).
Dwelling approvals decreased in Western Australia (down 7.7 per cent to 1,948 dwellings), South Australia (down 10.8 per cent to 909) and Victoria (down 12.8 per cent to 5,273), in seasonally adjusted terms.
In seasonally adjusted terms, 9,178 private sector houses were approved in February, compared to 9,291 in January (a decrease of 1.2 per cent). A total of 8,721 private sector dwellings excluding houses were approved in February, which was a 7.6 per cent increase when compared to January's result of 8,106.
The seasonally adjusted estimate of the value of total building approved rose 5.3 per cent in February following a fall of 8.9 per cent in the previous month. The value of residential building rose 6.9 per cent following a fall of 9.2 per cent in the previous month. The value of non-residential building rose 2.0 per cent after falling for two months.