The total number of dwellings approved in Australia declined by 0.3% to 16,606 in February, following a 6.9% increase in January, according to seasonally adjusted data released by the Australian Bureau of Statistics (ABS).
Meanwhile, residential building value rose 5.0% to a fresh record of A$9.65 billion.
Brock Hermans, ABS head of construction statistics, noted: "Approvals were varied across the building types. Private dwellings excluding houses fell 1.5%, while private sector house approvals were up 1.0%."
Most states saw an increase in total dwelling approvals in February, with Tasmania leading at 61.3%, followed by Victoria at 36.4%, Western Australia up 17.1%, Queensland gaining 13.0%, and South Australia adding 5.4%.
New South Wales was the only state to record a decline, dropping 44.1%.
Approvals for private sector dwellings excluding houses fell 1.5% after reaching a two-year high in January. However, the segment remains 73.1% higher than a year ago.
New South Wales saw just 313 new apartment approvals in February, compared with 2,694 in January, which was the highest monthly figure since May 2023.
Victoria, on the other hand, saw an increase in apartment approvals, with 2,294 new units approved in February, up from 1,228 in January.
The total value of building approvals fell 3.1% in February to A$14.34 billion, following a 7.1% decline in January.
However, residential building value rose 5.0% to an all-time high of A$9.65 billion, supported by a 5.8% rise in new residential building approvals to A$8.49 billion.
Meanwhile, non-residential building approvals fell sharply by 16.5% to A$4.69 billion, following a 21.6% decline in January. Despite the downturn, the category remains 2.1% higher compared to February 2024.
