Increased consumer confidence is flowing through to the home building industry, lifting approvals for both houses and units.
Building Approvals data from the Australian Bureau of Statistics shows that the number of dwellings approved rose 3.1 per cent in February 2013, in seasonally adjusted terms, after falling for two months.
This is an improvement of 12.8 per cent in the total number of dwelling approvals over the twelve months to February 2013. Over the same period, approvals rose 2.3 per cent for detached houses and a whopping 23.9 per cent for ‘private sector dwellings excluding houses’.
Dwelling approvals increased in February in South Australia (up by 23.0 per cent), Western Australia (5.3 per cent), Queensland (3.8 per cent) and Victoria (0.3 per cent) but decreased in New South Wales (down by 7.7 per cent) and Tasmania (down 5.8 per cent).
The total number of approvals for private sector houses rose 0.5 per cent in February. Around the country, house approvals rose in South Australia (9.9 per cent), New South Wales (7.8 per cent) and Victoria (6.3 per cent) but fell in Queensland (down by 7.7 per cent) and Western Australia (down 6.4 per cent).
The value of residential building approved rose 2.5 per cent in February, in seasonally adjusted terms.