FOLLOWING a downwardly revised increase of 0.6 per cent in September, the total number of new dwellings approved in October increased by 0.9 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 19,074 dwellings were approved in October, compared to seasonally adjusted totals of 18,905 in September and 18,796 in August. When compared to the same month in 2016, the number of dwellings approved in October 2017 was up by 18.4 per cent, in seasonally adjusted terms.
In seasonally adjusted terms, dwelling approvals for the month of October increased in Victoria (up 24.3 per cent to 6,650 dwellings) and Queensland (6.1 per cent to 3,426).
Dwelling approvals decreased in New South Wales (down 6.8 per cent to 5,908 dwellings), South Australia (down 8.4 per cent to 1,052), Tasmania (down 13.0 per cent to 232) and Western Australia (down 17.8 per cent to 1,150).
In seasonally adjusted terms, 10,063 private sector houses were approved in October, which was a 1.5 per cent increase compared to September's result of 9,915. A total of 8,683 private sector dwellings excluding houses were approved in October, which was a 1.0 per cent decrease when compared to September's result of 8,767.
The seasonally adjusted estimate of the value of total building approved fell 1.1 per cent in October. The value of residential building rose 5.4 per cent, while the value of non-residential building fell 10.1 per cent.