Property construction approvals drop

 Property construction approvals drop

Construction of new buildings – housing, commercial, and private – has shown a decline.

The total number of dwellings approved for construction fell at the beginning of the year according to the Australian Bureau of Statistics (ABS), driven by a downturn in private sector construction.

The ABS reports an adjusted 8.6 per cent drop in approvals in April, following a bumper month for construction approvals in March.

ABS Director of Construction Statistics Daniel Rossia says while the overall numbers have dropped, the number of homes approved for construction actually rose.

“While there was a fall in overall approvals, the April result highlights the continued strong demand for detached housing,” he says. “Private sector house approvals reached a new record high in April, up an average 4.6 per cent.

“Since the introduction of HomeBuilder in June 2020, private house approvals have risen 84 per cent. South Australia hit a new record high in April, and New South Wales reached the highest level since December 1988.”

New South Wales, Western Australia and South Australia all saw strong increases in the number of total dwellings approved, with New South Wales seeing an impressive 12.3 per cent jump. 

However Victoria, Queensland and Tasmania all saw different results in April. Construction approval dropped by nearly a quarter in Victoria, 14.3 per cent in the sunshine state, and 2.5 per cent in Tasmania.

These are the overall figures, with a different story showing when it comes to home construction. The number of private sector houses approved for construction rose by nearly a third in New South Wales, followed by 8.3 per cent in Queensland, with the number of approvals dropping only in Victoria and Western Australia.

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