The total number of dwellings approved fell 7.7 per cent in June, in seasonally adjusted terms, following a 20.5 per cent increase in May, according to data released today by the Australian Bureau of Statistics (ABS).
Daniel Rossi, ABS head of construction statistics, said: “The fall in total dwellings was driven by the volatile private dwellings excluding houses series, which fell 21.0 per cent.”
“Approvals for private sector houses decreased 1.3 per cent, following a 0.8 per cent rise in May.”
“The average approval value for new houses has continued to increase year-on-year since April 2021.
“In June 2022 the average approval value for a new house was $409,900.
“Over the past 12 months this has risen by 12.5 per cent to an average of $461,200 in June 2023.”
Across Australia, total dwelling approvals were mixed, Victoria rose, in seasonally adjusted terms, and approvals for private sector houses fell in Victoria (-2.7 per cent).
The value of total building approvals rose 1.2 per cent, following an 11.4 per cent rise in May.
The value of total residential building fell 4.6 per cent, comprised of a 4.6 per cent fall in new residential building and a 4.7 per cent decrease in alterations and additions.
The value of non-residential building approved rose to a record high, increasing 7.6 per cent in June following a 7.2 per cent increase in May.
This is the third month over the past ten years in which the non-residential sector value exceeded total residential value. The other two months were August 2019 and January 2020.
