Invest
State-by-state breakdown of housing approvals released
The latest data from the Australian Bureau of Statistics shows which Australian states are leading the charge in new builds for the next 12 months.
State-by-state breakdown of housing approvals released
The latest data from the Australian Bureau of Statistics shows which Australian states are leading the charge in new builds for the next 12 months.
State by state
Western Australia reported the sharpest rise in approvals, up by 29 per cent month-on-month, with unit approvals up by 184 per cent while house approvals rose by 3 per cent.
NSW also reported a strong rise in dwelling approvals, which rose by 12 per cent month-on-month, led by an 18 per cent increase in unit approvals and a 7 per cent rise in detached housing approvals.
Conversely, the downward trend in approvals across Victoria continued with an 8 per cent fall in January, spurred by a 22 per cent decline in unit approvals and a 2 per cent drop in house approvals.
Total approvals also dropped in Queensland, falling for the seventh consecutive month by 4 per cent, with unit approvals declining by 8 per cent and house approvals falling by 2 per cent.
South Australia also reported a drop in total dwelling approvals, which fell by 2 per cent, driven by a 20 per cent decline in unit approvals, partly offset by a 4 per cent rise in house approvals.
The big picture
Overall, total building approvals rose by 2.5 per cent in January, following an 8.1 per cent drop in December 2018.
The uptick in residential dwelling approvals was driven by a 3.8 per cent increase in unit approvals (from an 18.7 per cent fall in December) and a 1.9 per cent increase in house approvals (from a 1.7 per cent decline).
“The overall trend in approvals remains soft, but it is slightly encouraging that the pace of declines at the end of 2018 hasn’t continued,” said ANZ Research in response to the new data.
ANZ Research also noted that the number of approvals remains well below average annual trends.
Why does this matter?
Supply has a direct influence on housing prices — restricted supply typically inflates prices, while over-supply has the opposite impact.
Capital city prices are softening nationwide, and in major cities like Sydney and Melbourne, new supply hitting the market this and last year is a key contributor to this.
You can read more about predictions for the 2019 property market here.
RELATED ARTICLES
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
