Approvals for new builds on the up!

 Approvals for new builds on the up!

The number of new dwellings being given the go-ahead interestingly rose in March, despite the global economic crisis.

New data released by the Australian Bureau of Statistics (ABS), shows a 1.3% increase, in trend terms, on dwellings approved in March- 0.3% higher than last year’s numbers.

The boost in numbers was driven by private sector dwellings excluding houses, and private sector houses, rising by 2.8% and 0.2% respectively.

The positive news comes as COVID-19 has had a huge impact on the real estate industry across Australia.

Daniel Rossi, Director of Construction Statistics at the ABS said:

This result indicates that in March, there was no evident impact on building approvals from COVID-19, however, the ABS is monitoring for potential impacts in coming months

Daniel Rossi

New South Wales saw the biggest leap in dwelling approvals with 5.2%, whilst the Australian Capital Territory, South Australia and Queensland saw falls of 7%, 4.9% and 1.8% respectively.

The overall value of buildings approved rose by 1.3% nationwide in March, however, COVID-19 may have a slightly delayed effect on Australia’s building approval rate.


Since it takes time to approve an application for building construction work, there will be a lag between any change in the number of applications, and the statistics presented in this publication

ABS

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