FOLLOWING a revised increase of 3.3 per cent in April, the total number of new dwellings approved in May decreased by 5.2 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 19,705 dwellings were approved in May, compared to seasonally adjusted totals of 20,612 in April and 19,211 in March. When compared to the same month last year, the number of dwellings approved in May 2016 was down by 9.1 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of May increased in Victoria (up 3.1 per cent to 5,847 dwellings) and Tasmania (up 0.1 per cent to 206).
Dwelling approvals decreased in New South Wales (down 6.9 per cent to 5,908 dwellings), South Australia (down 13.0 per cent to 998), Queensland (down 17.6 per cent to 3,809) and Western Australia (down 20.0 per cent to 1,598), in seasonally adjusted terms.
In seasonally adjusted terms, 9,665 private sector houses were approved in May, compared to 9,656 in April (an increase of 0.1 per cent). A total of 9,299 private sector dwellings excluding houses were approved in May, which was an 11.3 per cent decrease when compared to April's result of 10,486.
The seasonally adjusted estimate of the value of total building approved fell 10.3 per cent in May following a rise of 18.2 per cent in the previous month. The value of residential building fell 6.4 per cent after rising for three months. The value of non-residential building fell 18.5 per cent following a rise of 47.7 per cent in the previous month.