AUS
NZ
UK
CA
USA
IND
Summary
- The total dwellings approved clocked an uptick of 2.6 per cent in November, in seasonally adjusted terms, according to the Australian Bureau of Statistics (ABS) data.
- While the approvals for private houses rose 6.1 per cent, dwellings excluding houses fell 3.9 per cent.
- The estimate (seasonally adjusted) for the value of non-residential buildings approved registered a decline of 27.4 per cent.
The approvals for private sector houses surged for the fifth month in a row in November in Australia. The upturn was driven by the strength in Queensland and South Australia, according to a report.
While the approvals for private houses rose 6.1 per cent, dwellings excluding houses fell 3.9 per cent, the data released by the Australian Bureau of Statistics (ABS) on Thursday, 7 January 2020 showed.
Image Source: Shutterstock
In seasonally adjusted terms, the number of dwellings approved surged 2.6 per cent in November. The estimate (seasonally adjusted) for the value of non-residential buildings approved witnessed a fall of 27.4 per cent.
Image Source: ABS data, 7 January 2020
Stimulus measures, low interest rates
Commenting on the latest data, Daniel Rossi, Director of Construction Statistics at the ABS, said that the approvals for the private houses rose by 40 per cent since June. The demand for detached dwellings surged owing to the federal and state housing stimulus measures and low interest rates, Rossi added.
Dwellings approved in states and territories
South Australia, Queensland and New South Wales led the rise in total dwellings. On the other hand, Western Australia, Victoria and Tasmania recorded a decline. The approvals for private sector houses surged in Queensland, Western Australia, South Australia, Victoria and New South Wales.
READ MORE: What is driving Sydney’s luxury housing market?
Image Source: ABS data, 7 January 2020
Value of building approved (seasonally adjusted)
A fall of 8.4 per cent was seen in the value of total building approved in November. The decline was fuelled by the value of non-residential buildings, which saw a drop of 27.4 per cent after robust results in October.
Image Source: ABS data, 7 January 2020
Meanwhile, the demand for property is slowly returning. The value of new home loans rose to a record high of A$22.7 billion in October, according to the data by the Australian Bureau of Statistics (ABS) in December 2020.
Even as the figures are just 0.7 per cent higher when compared with the last month, there is a steep upward jump of 23.3 per cent as against the corresponding period last year. According to CoreLogic's national index data released in December, the housing prices have surged for the second successive month in November. The dwelling values surged 0.8 per cent on a month-on-month basis, and 3.1 per cent on a year-on-year basis.
READ MORE: ABS data revealed surge in International trade and housing loan commitments
