FOLLOWING a revised increase of 2.9 per cent in February, the total number of new dwellings approved in March increased by 3.7 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 19,371 dwellings were approved in March, compared to seasonally adjusted totals of 18,680 in February and 18,162 in January. When compared to the same month last year, the number of dwellings approved in March 2016 was down by 6.5 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of March increased in South Australia (up 8.7 per cent to 991 dwellings), Western Australia (up 7.3 per cent to 2,111), New South Wales (up 6.9 per cent to 5,531 dwellings), Queensland (up 5.7 per cent to 4,191) and Victoria (up 3.7 per cent to 5,737 dwellings).
Dwelling approvals decreased in Tasmania (down 18.6 per cent to 187 dwellings) in seasonally adjusted terms.
In seasonally adjusted terms, 9,771 private sector houses were approved in March, compared to 9,525 in February (an increase of 2.6 per cent). A total of 9,395 private sector dwellings excluding houses were approved in March, which was a 6.7 per cent increase when compared to February's result of 8,809.
The seasonally adjusted estimate of the value of total building approved fell 2.0 per cent in March following a rise of 5.8 per cent in the previous month. The value of residential building rose 2.0 per cent and has risen for two months. The value of non-residential building fell 11.2 per cent following a rise of 1.8 per cent in the previous month.