Building approvals rise in August, tallying nine months of successive gains
But some states are seeing a decline in new construction.
The total number of dwelling approvals continued to rise in August, up 0.6%, on the back of nine consecutive months of gains, according to the latest data.
The Australian Bureau of Statistics (ABS) reports building approvals increased in New South Wales (1.9%), Victoria (1.2%) and Queensland (0.3%).
The greatest monthly decreases occurred in the Northern Territory (-14.9%), South Australia (-4.3%) and Tasmania (-4.1%).
Despite the increase, dwelling approvals for private sector houses fell 1% month-on-month in August and 4% year-on-year since 2015.
The value of total buildings approved fell 0.1% in August after rising for eight months, suggesting forecasts of a forthcoming decline for new home builds may be materialising.
Residential building values rose 0.7% in August, while non-residential values fell 1.8% month-on-month.
Last month, APRA revealed Australia's banks and financial institutions recorded temperate monthly rises in the value of both owner-occupied loans and housing investment.
The Housing Industry Association (HIA) New Home Sales report shows a partial recovery for sales in August, while house prices across Australia's capitals have risen for 52 weeks in a row.
Australian mortgage holders and those seeking loans are missing out on potential savings when they don't bargain for lower interest rates on home loans. 82% of Aussies who ask for a discount get one.
Latest home loan headlines
- Waiting for rates to fall? Don’t bank on it, says ANZ CEO
- 12 Days of Holiday Offers: Get as many as 50 free offset accounts with Up
- 12 Days of Holiday Offers: $3,000 cashback when you refinance with IMB
- The 6 home loan tips I give everyone who’s just bought a house
- Melbourne Cup day rate rise sees another blow to homeowners
Picture: Shutterstock
