Home approvals get the nod

Approvals to build new homes lifted slightly in August, according to data released this week by the Australian Bureau of Statistics.

In trend terms, private sector house approvals rose 0.6 per cent in August, contributing to the overall 0.1 per cent increase in the total number of dwelling units approved. This marks the ninth consecutive month of rising house approvals.

The seasonally adjusted figures show that over the twelve months to August 2013, private sector house approvals have risen by 10.3 per cent, while approvals for ‘private sector dwellings excluding houses’ have risen 3.2 per cent.

The total number of approvals increased in August in the Australian Capital Territory (up 2.3 per cent), Northern Territory (1.3 per cent), Western Australia (1.3 per cent), New South Wales (1.1 per cent), South Australia (0.9 per cent), Tasmania (0.7 per cent) and Queensland (0.1 per cent) but decreased in Victoria (down 1.7 per cent) in trend terms.

Approvals for private sector houses rose in Western Australia (2.2 per cent), Queensland (1.7 per cent), South Australia (0.8 per cent), and New South Wales (0.1 per cent). Private sector house approvals fell for the third consecutive month in Victoria, down 0.9 per cent in August.

The value of residential building approved rose 0.2 per cent in August.