FOLLOWING an upwardly revised increase of 17.2 per cent in January, the total number of new dwellings approved in February decreased by 6.2 per cent, in seasonally adjusted terms, according to the latest figures released last week by the Australian Bureau of Statistics (ABS).
A total of 18,671 dwellings were approved in February, compared to seasonally adjusted totals of 19,896 in January and 16,978 in December. When compared to the same month in 2017, the number of dwellings approved in February 2018 was down by 3.1 per cent.
In seasonally adjusted terms, dwelling approvals for the month of February increased in South Australia (up 12.9 per cent to 1,046 dwellings) and New South Wales (2.8 per cent to 6,196).
Dwelling approvals decreased in Queensland (down 3.7 per cent to 3,603 dwellings), Victoria (down 12.9 per cent to 6,169), Tasmania (down 17.6 per cent to 209) and Western Australia (down 28.9 per cent to 1,165).
In seasonally adjusted terms, 10,082 private sector houses were approved in February, which was a 1.9 per cent increase compared to January's result of 9,892. A total of 8,130 private sector dwellings excluding houses were approved in February, which was a 16.4 per cent decrease when compared to January's result of 9,724.
The seasonally adjusted estimate of the value of total building approved rose 4.1 per cent in February. The value of residential building fell 4.3 per cent, while the value of non-residential building rose 22.6 per cent.