Australian dwelling approvals fell by a larger-than-expected 10.5% in March, with apartment approvals plunging after February’s growth.
According to the Australian Bureau of Statistics (ABS), 17,300 dwellings were approved in March. Westpac had estimated a 10.0% decline.
“The fall in total dwellings approved was driven by a 26.0 per cent drop in private dwellings excluding houses, following a 101.1 per cent rise in this series in February,” said ABS head of construction statistics Daniel Rossi.
Apartment approvals fell 30.2% to 3,768. This is well below the 191.2% surge seen in February, and is 2.7% under the 12-month average.
Approvals for apartments had also fallen by nearly half in January, which Rossi said at the time was partly due to seasonal factors.
Private sector house approvals were up 0.9% to 10,194. This is the highest level since November 2021, Rossi said.
The improvement in private sector house approvals was driven by New South Wales, which posted a 9.5% rise. Queensland also recorded a 7.2% increase, while Victoria, South Australia, and Western Australia declined.
The value of total buildings approved dropped 19.4% to A$16.74 billion, down from February’s record high of $20.43 billion.
Residential building value declined 15.8% to $10.77 billion, and non-residential value fell 25.3% to $5.97 billion.
