The Australian Bureau of Statistics (ABS) has highlighted that the number of new dwellings approved in Australia fell by 1.3 per cent in June.
The bureau’s director of construction statistics, Daniel Rossi, said that the falling private market has been a major contributor to the falling price of property.
“The trend series for total dwellings has fallen for 19 consecutive months. The decrease in June was driven by private dwellings, excluding houses, which fell 2.5 per cent in trend terms. Approvals for private houses were also down 0.8 per cent,” he outlined.
Northern Territory has bucked the trend by showcasing strong gains in dwelling approvals with an approval increase of 5.8 per cent.
Victoria and Queensland also exhibited signs of growth of 0.4 and 0.2 per cent, respectively.
All other states experienced a decrease in dwelling approvals, none more so apparent than the Australian Capital Territory, which dropped by 4.7 per cent.
NSW approvals fell by 2.9 per cent, while Tasmania and Western Australia dropped by more than 3 per cent.
South Australia maintained some stability in approvals, falling by 0.8 per cent in trend terms.
In more positive news, the value of the total buildings that were approved recorded a 0.4 per cent increase Australia-wide, in reverse of the volume trend.
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