Private house approvals hit 10-year low

The total number of dwellings approved fell 27.6% in January (seasonally adjusted) after a 15.3% increase in December, according to data released today by the Australian Bureau of Statistics (ABS).

Daniel Rossi, ABS head of construction statistics, says: "Approvals for private sector houses fell by 13.8%, the fifth consecutive drop, to be the lowest result recorded since June 2012".

 "The more volatile, private sector dwellings excluding houses series, fell 40.8%, following a 41.9% rise in December".

Across Australia, total dwelling approvals decreased in New South Wales (-49.0%), Victoria (-38.6%), Tasmania (-31.7%), Western Australia (-7.9%), and South Australia (-6.5%).

Only Queensland recorded an increase (+25.6%), driven by apartment developments approved in January.