Approvals to build new homes are slowing yet remain elevated, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the number of dwellings approved fell 6.7 per cent in June (seasonally adjusted). This is the third consecutive month of falls, following a 7.6 per cent drop in May and a 5.0 per cent drop in April.
The fall was driven by a 11.8 per cent fall in approvals to build standalone houses. Approvals in ‘dwellings excluding houses’ rose 0.8 per cent.
ABS Director of Construction Statistics Daniel Rossi said that since the unwinding of stimulus measures, approvals for private houses have fallen 20.9 per cent from the record high in April this year.
“Despite the fall, house approvals remain at elevated levels and are 44.3 per cent higher than June 2020 and 37.6 per cent higher than June 2019," he added.
Across Australia, the number of dwelling approvals fell in Western Australia (down 30.5 per cent), Queensland (18.4 per cent), Tasmania (14.9 per cent) and New South Wales (12.7 per cent) and rose in Victoria (up 12.8 per cent) and South Australia (8.6 per cent).
The value of total residential building fell 2.3 per cent, comprising a 2.9 per cent fall in new residential building and a 2.0 per cent rise in residential alterations and additions.