Dwelling approvals grow in December
The ABS reports that while the total number of approvals for dwellings rose at the end of 2021, private sector housing remained subduedApprovals for private sector dwellings excluding houses surged in Australia by 27.5 per cent in December 2021, the spike helping the overall level of approvals for dwelling grow by 8.2% in seasonally adjusted terms.
According to the latest Australian Bureau of Statistics’ Building Approvals report for December 2021, the growth came on top of an additional expansion of 2.6% in November.
“The rise in the total number of dwellings approved in December was driven by an increase in approvals for private sector dwellings excluding houses, which rose 27.5%,” said Daniel Rossi, ABS Director of Construction Statistics.
“Private sector house approvals remained subdued, falling 1.8% in December, following a 1.6% decline in November. The series has fallen 31.5% since the April 2021 peak. While approvals for private houses have fallen from all-time highs, the series remains at historically elevated levels, with the December result 20.5% higher than the pre-pandemic level in December 2019."
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NSW leads growth
But the lion’s share of the growth has stemmed from New South Wales, where approvals for dwellings surged by 32.1%. Approvals grew by 2.5% in Victoria, but they fell elsewhere across the country – by 14.8% in Queensland, by 7.7% in Western Australia, by 7.4% in Tasmania, and by 0.3% in South Australia.
Private sector house approvals only grew in Western Australia (up 0.8%), but fell elsewhere in mainland Australia – by 7.9% in New South Wales, by 1.5% in Victoria, and by 0.7% in Queensland, in seasonally adjusted terms.
Total value falls
Meanwhile, the value of the total building approved in December fell by 2.1% across Australia, in seasonally adjusted terms, the figure driven by a drop of 16.3% in the total value of non-residential building approvals, which comes off the back of a 27.8% rise the previous month.
The value of total residential building rose 7.8%, the figure encompassing an 8.3% increase in the value of new residential building and a 5.2% rise in the value of alterations and additions.
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