FOLLOWING a revised decrease of 9.3 per cent in September, the total number of new dwellings approved in October decreased by 12.6 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 16,279 dwellings were approved in October, compared to seasonally adjusted totals of 18,628 in September and 20,529 in August. When compared to the same month last year, the number of dwellings approved in October 2016 was down by 24.9 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, no states recorded increases in dwelling approvals.
Dwelling approvals decreased in Victoria (down 2.7 per cent to 4,917 dwellings), Tasmania (down 3.1 per cent to 153), South Australia (down 8.4 per cent to 824), Queensland (down 9.8 per cent to 3,304), Western Australia (down 14.3 per cent to 1,409) and New South Wales (down 15.7 per cent to 5,199).
In seasonally adjusted terms, 9,203 private sector houses were approved in October, compared to 9,522 in September (a decrease of 3.4 per cent). A total of 6,712 private sector dwellings excluding houses were approved in October, which was a 24.8 per cent decrease when compared to September's result of 8,929.
The seasonally adjusted estimate of the value of total building approved fell 30.3 per cent in October following a rise of 27.1 per cent in the previous month. The value of residential building fell 15.2 per cent and has fallen for three months. The value of non-residential building fell 46.9 per cent following a rise of 102.6 per cent in the previous month.