Building approvals on the rise in March

Peter Terlato 9 May 2017 NEWS

construction australia house

Approvals up in NSW, Tasmania, Queensland and Victoria.

The total number of national dwelling approvals rose 0.8% in March 2017, according to the latest data.

The Australian Bureau of Statistics (ABS) reported that building approvals increased in New South Wales (3%), Tasmania (1.6%), Queensland (0.5%) and Victoria (0.3%).

In contrast, dwelling approvals decreased in the Northern Territory (-19.1%), the Australian Capital Territory (-7.1%), Western Australia (-1.9%) and South Australia (-0.1%).

These latest results represent the second consecutive month of increasing approvals nationwide. Prior to February, approvals had declined for eight months straight.

The positive surge in dwelling approvals was not repeated for private sector building approvals, which were down 0.6% month-on-month in March.

After eight straight months of falls, the value of total buildings approved was up 0.1% in March.

Residential building values rose 1% in March, while non-residential values fell 1.9% month-on-month.

Housing affordability continues to be a struggle for many Australians, in particular, low-income families, with Anglicare Australia calling on the government to address these issues in the upcoming budget.

A new survey found the majority of Aussies worry that future generations won't be able to afford a home.

Buying a home or an investment property? It pays to compare and research your finance options.

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