According to the latest release by the Australian Bureau of Statistics (ABS) on 1st August 2023, the key statistics for June 2023 are as follows:
- Dwelling Units Approved:
- Total dwelling units approved decreased by 7.7%.
- Private sector houses fell by 1.3%.
- Private sector dwellings excluding houses fell significantly by 21.0%.
- Value of Building Approved:
- The value of total building rose by 1.2%.
- The value of non-residential buildings increased by 7.6%.
- However, the value of new residential building fell by 4.6%.
In more detail, the seasonally adjusted estimate for the number of dwellings approved in Australia fell by 7.7% in June 2023, following a substantial 20.5% increase in May. The trend estimate for total dwellings approved rose by 0.8% in June, after a 0.8% rise in May.
When looking at the types of buildings approved, the seasonally adjusted estimate for private sector house approvals decreased by 1.3% in June, reaching 8,048 dwellings, following a 0.8% rise in May. Private sector dwellings excluding houses saw a sharp drop of 21.0% in June, following an unusually high 60.4% increase in May. The trend estimate for private sector house approvals also fell by 0.3% in June, following a 0.6% fall in May. However, private sector dwellings excluding houses trend estimate rose by 2.1% in June, following a 2.7% rise in May.
Regionally, the seasonally adjusted summary indicates that total dwelling approvals rose in Queensland (28.3%), Victoria (26.4%), Western Australia (8.7%), and South Australia (0.8%) in June 2023. However, New South Wales (-44.9%) and Tasmania (-35.6%) saw a significant decline in seasonally adjusted terms. Approvals for private sector houses fell in Western Australia (-5.5%) and Victoria (-2.7%), while South Australia (4.6%), Queensland (3.6%), and New South Wales (2.3%) experienced increases.
When considering the value of building approved, the seasonally adjusted estimate for the total value of building approved rose by 1.2% in June 2023, following a notable 11.4% rise in May. The value of total residential building approvals fell by 4.6%, with a 4.6% decrease in new residential building and a 4.7% fall in alterations and additions. However, the value of non-residential building increased by 7.6% in June, following a 7.2% rise in May. On the trend estimate, the value of total building approved rose by 3.2% in June, following a 3.4% increase in May. The value of non-residential building approved also rose by 5.9% in June, after a 6.6% increase in May.
Overall, these building approval statistics provide valuable insights into the current state of the Australian property market and construction sector.