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Dwellings continue to fall as prices rise
Despite a recovering housing market, developers are not coming to the party, as official figures show the pipeline for new dwellings continues to fall with the number of high-rise approvals diminishing.
Dwellings continue to fall as prices rise
Despite a recovering housing market, developers are not coming to the party, as official figures show the pipeline for new dwellings continues to fall with the number of high-rise approvals diminishing.
Data from the Australian Bureau of Statistics showed that the seasonally adjusted estimate for total dwellings approved fell 8.1 per cent in October, driven by an 11.3 per cent decrease in private dwellings excluding houses. Private sector houses fell 7.0 per cent.
The value of total building approved fell 0.7 per cent in October, in trend terms, and has fallen for two months. The value of residential building fell 1.2 per cent, while non-residential building fell 0.2 per cent.
“The fall was driven by approvals for private sector houses, which decreased by 0.9 per cent in October,” said Daniel Rossi, director of construction statistics at the ABS. “Private dwellings excluding houses also fell, by 0.5 per cent.”
Despite Sydney and Melbourne showing signs of breaking previously held records by March 2020, investors continue to be wary of increasing volumes in the property market.
The national housing market is back in positive annual growth territory for the first time since April 2018 as the market accelerates, according to CoreLogic.
Despite this, the states and territories dwelling approvals fell in the Northern Territory (11.1 per cent), NSW (4.6 per cent), Queensland (1.4 per cent) and Western Australia (1.0 per cent). Tasmania (4.5 per cent), South Australia (3.1 per cent), ACT (3.1 per cent) and Victoria (1.3 per cent) recorded increases, in trend terms.
The value of total building approved fell 0.7 per cent in October, in trend terms, and has fallen for two months. The value of residential building fell 1.2 per cent, while non-residential building fell 0.2 per cent.
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