By
There was a downturn in the number of dwellings approved across Australia for December 2023, according to new data from the Australian Bureau of Statistics (ABS).
The seasonally adjusted estimate showed a 9.5% decrease in total dwelling approvals, contrasting with the modest 0.3% rise observed in November.
The reported decline was particularly sharp among private sector dwellings excluding houses, with data indicating a 25.3% fall to 4,354. Approvals for private sector houses also saw a slight 0.5% decrease, settling at 8,416.
The value of these building approvals also reflected the downturn, with the total value falling by 6.4% after a 10.4% decrease in November.
This overall decline is composed of a 3.8% reduction in new residential buildings to $6.03 billion, as well as a 2.8% fall in alterations and additions.
Additionally, the value of non-residential buildings fell by 10.6% to $4.32 billion, according to ABS.
Regionally, the data from ABS detailed variances across different states. Victoria, South Australia, and Tasmania experienced declines in total dwelling approvals, with Victoria seeing the most significant drop of 18.4%.
Conversely, Queensland, Western Australia, and New South Wales witnessed increases.
As for private sector houses, South Australia, New South Wales, and Queensland reported decreases in approvals, while Western Australia and Victoria recorded slight increases.
What are your thoughts on this story? Feel free to share your comments below.
