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Summary
- Total dwelling units approved fell by 8.6%.
- However, private sector house approvals jumped to a record high.
- Victoria has been the worst performer during the month.
The approvals for construction of private sector houses in Australia touched a new all-time high in the month of April, even as the number of dwelling units approved in the month witnessed a decline.
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According to the latest set of data released by the Australian Bureau of Statistics, 15,063 private sector houses were approved in April – up 4.6% from 14,405 approved in the month of March 2021. On an annual basis, this translates to a jump of 67.4%.
With private sector houses growing by 30.1% to 3,215, New South Wales led the growth in the number of approvals. Despite a 5% dip in fresh private sector house approvals to 4,437, Victoria maintained its dominance in absolute numbers.
Despite this, the total number of dwelling units approved fell 8.6% to 21,482 in April 2021, compared with 23,507 in the month of March, when it had grown by 18.9%. Victoria and Queensland saw the biggest dip in approvals – dropping by 23.5% and 14.5%.
The drop in the approvals was driven by 28.6% drop in the non-house private sector dwellings – that stood at 6,175 as against 8,651 at the end of March.
"While there was a fall in overall approvals, the April result highlights the continued strong demand for detached housing, with private sector house approvals reaching a new record high in April, up 4.6%,” said Daniel Rossi, Director of Construction Statistics at the ABS.
Earlier in the day, it was reported that the housing prices in Australia continued to rise after the pandemic as CoreLogic’s national Home Value Index edged up 2.2% sequentially in the month of May.
The growth was led by the capital cities, as they outpaced the regional markets. The capital city index at a combined level grew by 2.3% during the month compared with a 2.0% rise across the combined regional areas.
