Building Approvals

Dwelling approvals dropped a seasonally adjusted 8.8% in March. The drop in dwelling approvals was broad-based. Monthly trend growth, which looks through the monthly volatility, remained negative, with the pace of the decline accelerating from the previous month.

Seasonally adjusted dwelling approvals ebbed by 0.3% in February, somewhat less than the 1.3% decline expected by the market participants. The decline in approvals was driven by dwellings other than houses, which followed solid gains in the previous two months. Private sector house approvals rose by 1.0% in February, to be up by 5.2% YoY, but monthly trend growth remained negative.

Dwelling approvals bounced a seasonally adjusted 6.3% in January, against market expectations of no change. Trend growth in dwelling approvals was -1.1% MoM, but 13.8% YoY.

Dwelling approvals rose a seasonally adjusted 0.7% in December, slightly less than the 1.0% pencilled in by the market consensus. The rise in dwelling approvals was driven by a bounce in dwellings other than houses, which tend to be volatile. Monthly trend growth decelerated to 1.0%, the slowest since March 2024.The level of approvals remains too low, with only 171k housing approved in 2024.

Dwelling approvals fell a seasonally adjusted 3.6% in November (exp. -1.0%), following an upwardly revised 5.2% increase in October (revised from 4.2%). The annual growth rate decelerated to 3.2% from 6.8%. Monthly trend growth, which looks through the monthly volatility, eased to 1.2% from 1.5%, the slowest rate of trend growth since March.

Dwelling approvals rose a seasonally adjusted 4.2% in October (exp. 1.3%), following a 5.8% increase in September (revised from 4.4%). The annual growth rate decelerated to 6.1% from 6.8%. Monthly trend growth, which looks through the volatility, eased to 1.7% from 1.9%.