Building Approvals Slipped 5% In February But Housing Is Still On A Tear

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Building approvals in Australia fell 5% in February, according to the latest numbers from the Australian Bureau of Statistics.

But the housing sector is still strong with total dwelling approvals seasonally adjusted for the 12 months to February up 23.2%.

The number of private sector houses approved was 9,293, about 2.1% down on January but up 21.8% on the year.

The bureau said the trend estimate for total dwellings approved rose 0.7% in February and has risen for 26 months.

But the seasonally adjusted estimate for total dwellings approved fell 5% following a rise of 6.9% in January.

Private sector house approvals rose in trend terms in South Australia (3%), Victoria (2.1%), New South Wales (1.7%), Western Australia (1.4%) and Queensland (1%).

The private sector house approvals have risen 14 months in a row.

Overall dwelling approvals increased in trend terms in February in the Australian Capital Territory (7.9 per cent), Victoria (2.2 per cent), Western Australia (2.1 per cent), Tasmania (1.0 per cent) and South Australia (0.4 per cent) but decreased in the Northern Territory (20.8 per cent), Queensland (1.2 per cent) and New South Wales (0.2 per cent).

The value of total building approved rose 0.2% in February for the eight consecutive month. The value of residential building rose 0.2% while non-residential building rose 0.3% in trend terms.

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