Dwelling Approvals Continue to Decline in February,

Australia, Police

The Australian Bureau of Statistics (ABS) has released data revealing that the number of dwellings approved in February has experienced a further decline.

According to the report, there was a 1.

January.

Daniel Rossi, the ABS head of construction statistics, highlighted that the fall in approvals for private sector dwellings, excluding houses, was the main driver behind the overall decrease.

This category saw a significant drop of 24.

February, largely due to fewer approved large apartment projects.

However, there was a silver lining as approvals for private houses rose by 10.

These housing trends varied across states, with Western Australia experiencing the highest increase in private sector house approvals at 20.

Other states also saw growth, including New South Wales (17.

Victoria (12.

Queensland (3.

South Australia (2.

In terms of total dwelling approvals, Queensland witnessed a sharp decline of 28.

Conversely, Tasmania experienced a significant increase of 39.

New South Wales (23.

South Australia (15.

Victoria (2.

Western Australia (0.

Looking at the value of building approvals, there was a notable decrease of 16.

February.

This decline was mainly driven by a 16.

Non-residential building also experienced a decline of 16.

January.

These latest figures indicate ongoing challenges in the construction industry and the housing market.

While the approval numbers for private houses provide some optimism, the decrease in large apartment projects may raise concerns for future developments.

The ABS data serves as an important barometer for the health of the construction sector and will be closely monitored by industry experts and policymakers alike.

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