FOLLOWING a downwardly revised decrease of 2.5 per cent in December, the total number of new dwellings approved in January increased by 1.8 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 17,412 dwellings were approved in January, compared to seasonally adjusted totals of 17,096 in December and 17,539 in November. When compared to the same month in 2016, the number of dwellings approved in January 2017 was down by 12.0 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of January increased in New South Wales (up 24.0 per cent to 5,577 dwellings), South Australia (up 6.5 per cent to 901), Tasmania (up 6.5 per cent to 194) and Western Australia (up 3.5 per cent to 1,708).
Dwelling approvals decreased in Victoria (down 5.2 per cent to 6,021 dwellings) and Queensland (down 11.9 per cent to 2,694).
In seasonally adjusted terms, 8,840 private sector houses were approved in January, compared to 9,111 in December (a decrease of 3.0 per cent). A total of 8,349 private sector dwellings excluding houses were approved in January, which was a 6.2 per cent increase when compared to December's result of 7,865.
The seasonally adjusted estimate of the value of total building approved fell 2.1 per cent in January after rising for two months. The value of residential building rose 3.9 per cent and has risen for three months. The value of non-residential building fell 14.0 per cent following a rise of 4.1 per cent in the previous month.