Dwelling Approvals Fell In October

The ABS released their building approvals data for October today. The number of dwellings approved fell 3.3 per cent in October 2016, in trend terms, and has fallen for five months.

building-approvals-oct16

In trend terms, dwelling approvals decreased in October in South Australia (4.6 per cent), New South Wales (3.8 per cent), Queensland (3.6 per cent), Victoria (3.3 per cent), Western Australia (3.0 per cent), Tasmania (2.6 per cent) and Northern Territory (0.2 per cent), but increased in the Australian Capital Territory (4.5 per cent).

Approvals for private sector houses fell 0.6 per cent in October, in trend terms. Private sector house approvals fell in South Australia (2.5 per cent), Western Australia (2.3 per cent), New South Wales (0.5 per cent) and Victoria (0.1 per cent), but rose in Queensland (0.4 per cent).

In seasonally adjusted terms, dwelling approvals decreased 12.6 per cent in October, driven by a fall in total other residential dwellings (23.5 per cent). Total house approvals fell 2.5 per cent.

The value of total building approved fell 1.7 per cent in October, in trend terms, and has fallen for three months. The value of residential building fell 3.2 per cent while non-residential building rose 0.8 per cent.

Author: Martin North

Martin North is the Principal of Digital Finance Analytics

One thought on “Dwelling Approvals Fell In October”

Leave a Reply