FOLLOWING a revised increase of 2.2 per cent in January, the total number of new dwellings approved in February increased by 8.3 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 18,995 dwellings were approved in February, compared to seasonally adjusted totals of 17,545 in January and 17,174 in December. When compared to the same month in 2016, the number of dwellings approved in February 2017 was down by 4.9 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of February increased in Queensland (up 33.7 per cent to 3,610 dwellings) and New South Wales (up 19.6 per cent to 6,829).
Dwelling approvals decreased in South Australia (down 2.6 per cent to 880 dwellings), Western Australia (down 5.5 per cent to 1,613), Victoria (down 8.8 per cent to 5,491) and Tasmania (down 14.9 per cent to 163).
In seasonally adjusted terms, 9,330 private sector houses were approved in February, compared to 8,863 in January (an increase of 5.3 per cent). A total of 9,381 private sector dwellings excluding houses were approved in February, which was a 10.9 per cent increase when compared to January's result of 8,455.
The seasonally adjusted estimate of the value of total building approved rose 19.9 per cent in February following a fall of 3.0 per cent in the previous month. The value of residential building rose 13.9 per cent and has risen for four months. The value of non-residential building rose 34.5 per cent following a fall of 16.9 per cent in the previous month.