Dwelling approvals in Australia declined by 1.9% in February, continuing a trend from January, according to data from the Australian Bureau of Statistics.

Private sector approvals, excluding houses, dropped by 24.9%, primarily due to fewer large apartment projects receiving approval. However, approvals for private houses increased by 10.7%.

Private house approvals saw growth in all states, with increases in Western Australia, New South Wales, and Victoria at 20.7%, 17% and 12.4%, respectively.

Total dwelling approvals decreased by 28.5% in Queensland but rose in Tasmania to 39.3%, New South Wales to 23.4%, and other states.

The overall value of approved building projects decreased by 16.5%, with residential building values declining by 16.8%.

This was driven by a 19.1% drop in new residential building values, while alterations and additions experienced a marginal decrease of 0.1%. Non-residential building values also fell by 16%.