According to data released today by the Australian Bureau of Statistics (ABS), the number of approved housing units in the country fell by 0.6% in March, according to the trend.
Among states and territories, the total number of approved dwellings fell in Victoria (3.5%) and Queensland (1.4%) in terms of trend. In contrast, the Australian Capital Territory (4.8%), the Northern Territory (3.9%), Western Australia (3.8%), New South Wales (0.8%) and South Australia (0.4%) recorded increases. Tasmania was flat.
The overall decrease is attributable to private sector homes, said Justin Lokhorst, director of construction statistics at ABS.
Permits for private sector homes fell 1.4% nationally, in terms of trend. Declines were recorded by the three largest states: New South Wales (3.4%), Victoria (1.8%) and Queensland (0.9%). Conversely, Western Australia (1%) and South Australia (0.9%) increased during the month,
ABS also found that permits for private dwellings excluding homes had increased by 0.8%.
In seasonally adjusted figures, the total number of dwellings decreased by 15.5% in March, mainly due to decreases in New South Wales (27.4%) and Victoria (27%) . Private dwellings excluding homes registered a decrease of 30.6%, while private housing approvals declined by 3.2%.
The value of all approved buildings was stable in March, in terms of trend. The value of residential buildings increased by 0.4%, while that of non-residential buildings decreased by 0.6%.
"The annualized home certification rate has exceeded 200,000 for almost five years. The latest data draws us below this watermark. The downward trend is expected to continue for the remainder of 2019, with real estate prices, housing turnover rates, real estate financing and land sales leaving negative traces, "he said. said Tim Hibbert, senior economist at BIS Oxford Economics, responsible for construction in the building.
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