Approvals to build new apartments jumped again in March, according to data released this week by the Australian Bureau of Statistics (ABS).
The latest figures show that the total number of dwellings approved decreased 0.1 per cent in March, in seasonally adjusted terms, following a 3.9 per cent rise in February.
The result was driven by a 2.8 per cent fall in approvals for houses, following an 11.3 per cent February rise. House approvals remain 15.0 per cent lower than March 2022.
Approvals to build multi-unit dwellings, on the other hand, increased 5.6 per cent in March, following a 9.7 per cent decrease in February.
Across Australia, dwelling approvals fell in Tasmania (down 42.1 per cent), South Australia (19.1 per cent), and Queensland (6.7 per cent), while increased numbers were reported in Western Australia (up 27.2 per cent), New South Wales (3.1 per cent), and Victoria (1.7 per cent).
The value of total residential building approvals fell 6.5 per cent in March, comprising a 6.4 per cent decrease in new residential building and a 7.4 per cent fall in alterations and additions.