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Summary
- The number of building approvals rose to the highest level in March, owing to significant rise in apartment commitments.
- In March, the number of dwellings surged to 17.4%, following a 20.1% increase in February, according to the Australian Bureau of Statistics (ABS) data.
- The dwelling approvals rose in New South Wales, Victoria, Queensland and South Australia.
The number of building approvals rose in March, owing to significant rise in apartment commitments. In March, the number of dwellings surged to 17.4%, following a 20.1% increase in February, according to the Australian Bureau of Statistics (ABS) data released on Wednesday.
The total number of dwellings approved in March was the second highest recorded, only exceeded by the November 2017 result.
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Furthermore, the number of private sector dwellings, excluding houses, boosted the increase, up 63.6%. "The number of private sector house approvals also remained at elevated levels due to HomeBuilder,” said Daniel Rossi, Director of Construction Statistics at the ABS.
New South Wales leads the rise
According to the ABS data, the dwelling approvals rose in New South Wales, Victoria, Queensland and South Australia. Total dwelling approvals in Western Australia and Tasmania declined.
The approvals for private sector houses surged in Victoria and South Australia. Falls were seen in New South Wales, Queensland and Western Australia.
What is HomeBuilder program?
HomeBuilder program is among the many initiatives by the Australian government to encourage buyers to go ahead with purchases and renovations to instill confidence in the residential sector amid the uncertainty due to the ongoing coronavirus pandemic. Even as the program ended in March 2021, the government extended the deadline to start construction by an additional 12 months.
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Australian property market
After touching a 32-year high in March, the price growth eased in April. The rapidly rising real estate prices have begun to slow down now. According to the CoreLogic Home Value Index released recently, property prices in Sydney climbed 2.4% in April to a median value of AU$950,457. The values in Melbourne rose by 1.3 per cent over the month to a median of $744,679 – down from a 2.4 per cent jump in March.
RBA on housing sector
Reserve Bank of Australia’s (RBA) Governor, Philip Lowe on Tuesday said the central bank was closely tracking the property market. The housing credit growth has also seen a rise, with robust demand from owner-occupiers, especially first-home buyers, Lowe said.
