Building approvals rise in August, tallying nine months of successive gains

Peter Terlato 4 October 2016

housing construction

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.

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