The ABS data released today shows that the trend estimate for total dwellings approved rose 0.8% in February after falling for eight months. The trend estimate for private sector houses approved fell 0.6% in February and has fallen for 12 months. The trend estimate for private sector dwellings excluding houses rose 2.4% in February and has risen for two months.
The trend estimate of the value of total building approved fell 0.1% in February and has fallen for seven months. The value of residential building rose 1.5% and has risen for two months. The value of non-residential building fell 3.3% and has fallen for six months.
The seasonally adjusted estimate for total dwellings approved rose 8.3% in February and has risen for two months. The seasonally adjusted estimate for private sector houses rose 5.3% in February after falling for two months. The seasonally adjusted estimate for private sector dwellings excluding houses rose 10.9% in February and has risen for two months.
The seasonally adjusted estimate of the value of total building approved rose 19.9% in February following a fall of 3.0% in the previous month. The value of residential building rose 13.9% and has risen for four months. The value of non-residential building rose 34.5% following a fall of 16.9% in the previous month.
The HIA pointed out that during the month of February 2017, total seasonally-adjusted new home building approvals only increased in two states: Queensland (+33.7 per cent) and New South Wales (+19.6 per cent). The largest reduction occurred in Tasmania (-14.7 per cent), followed by Victoria (-8.8 per cent). Approvals also fell back in South Australia (-2.5 per cent) and Western Australia (-5.5 per cent).
In trend terms, approvals contracted by 13.0 per cent in the Northern Territory with a decline of 15.7 per cent occurring in the Australian Capital Territory.
