Australian Dwelling Approvals Rise in March, Construction Costs Remain a Challenge

Australia, Police

Article:

The Australian Bureau of Statistics (ABS) has released data showing a 1.

March.

This follows a 0.

February.

The rise in approvals for private houses was particularly noteworthy, with a 3.

ABS.

In terms of private sector dwellings excluding houses, there was a 3.

February.

Victoria and Western Australia experienced the highest growth in total dwelling approvals, rising by 3.

However, Tasmania, South Australia, Queensland, and New South Wales saw a decline in approvals for the same period.

The average approval value for a new house continued to rise, reaching $468,800 per house in March 2024.

This represents a 4.

March 2023.

It is worth noting that the pace of growth in average approval values has slowed, largely due to higher construction costs.

By state, Queensland experienced the highest rise in average approval value compared to a year ago, increasing by 10.

Western Australia followed with a 4.

New South Wales, Victoria, and South Australia recorded more modest increases.

The overall value of total building approved saw a significant rise of 15.

March, recovering from a 16.

February.

The value of total residential building increased by 8.

Non-residential building also experienced a strong surge, rising by 28.

February.

While the increase in dwelling approvals is positive news for the construction sector, challenges remain.

The continued rise in construction costs has put pressure on the industry, impacting the average approval value for new houses.

The ABS report highlights the need for ongoing monitoring of these trends to ensure sustainable growth in the housing market.

Source