FOLLOWING an upwardly revised increase of 4.6 per cent in April, the total number of new dwellings approved in May decreased by 5.6 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 16,488 dwellings were approved in May, compared to seasonally adjusted totals of 17,422 in April and 16,617 in March. When compared to the same month in 2016, the number of dwellings approved in May 2017 was down by 19.7 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of May increased in Tasmania (up 20.6 per cent to 216 dwellings), South Australia (20.2 per cent to 1,245) and Victoria (4.7 per cent to 5,059).
Dwelling approvals decreased in Western Australia (down 2.9 per cent to 1,470 dwellings), Queensland (down 10.5 per cent to 3,418) and New South Wales (16.0 per cent to 4,750).
In seasonally adjusted terms, 9,252 private sector houses were approved in May, compared to 9,201 in April (an increase of 0.6 per cent). A total of 7,027 private sector dwellings excluding houses were approved in May, which was a 12.1 per cent decrease when compared to April's result of 7,992.
The seasonally adjusted estimate of the value of total building approved was flat in May. The value of residential building fell 3.3 per cent following a rise of 6.1 per cent in the previous month. The value of non-residential building rose 5.3 per cent and has risen for two months.