Dwelling approvals rise 0.7% in July, with ACT and NT driving the growth (ABS data)
ABS data for July 2017 reveal a rise in dwelling approvals for the third month in a row, with a total of 17,822 buildings approved.
The latest ABS figures on dwelling approvals for the month of July 2017 show a continued increase in the number of dwelling approvals.
This is a marked difference from earlier in the year, when the number of approvals dropped continuously for an eight-month period.
All states and territories saw an increase in dwelling approvals, with the strongest growth in the Northern Territory (9.7%).
The percentage increases by state are as follows:
- Northern Territory: 9.7%
- Australian Capital Territory: 8.8%
- New South Wales: 0.4%
- Queensland: 0.2%
- Victoria: 1.0%
- Western Australia: 0.8%
- Tasmania: 1.0%
The total number of dwellings approved in July is as follows:
Interestingly, this represents a drop from July last year, which saw 2,575 more dwellings approved across the country.
When looking at the value of building approvals, there was an overall increase of 1.3% (in trend terms) in July. Non-residential buildings drove this value increase while the value of residential buildings was flat.
In a media release, ABS Director of Construction Statistics Daniel Rossie said, "The value of non-residential building approvals have risen for the past six months, in trend terms, reaching a record high in July 2017."
Given that housing supply is a key factor in property prices, both property investors and owner-occupiers alike should look at housing construction data when making buying decisions.