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{{propApi.successMessage}} {{region}} Change locationHouse approvals remain at low levels
House approvals remain at low levels
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The Australian Bureau of Statistics today released its monthly building approvals data for November 2023 for detached houses and multi-units covering all states and territories.
“The fall in this month’s figures sees approvals in the three months to November lower by 8.0 per cent compared to the same period in the previous year,” added Mr Reardon.
“The low volume of building approvals throughout 2023 will see the volume of homes commencing construction continue to slow this year.
“Other leading indicators of activity in the housing market, such as new home sales and housing finance data, are also consistent with their confirmation of this projected slowdown.
“The rise in the cash rate is the primary cause of this slowdown in approvals.
“A continued fall in the number of new homes approved indicates a slow start to the Australian government’s ambition to build 1.2 million new homes in five years starting mid-2024,” concluded Mr Reardon.
In seasonally adjusted terms, decreases in house approvals in the three months to November compared to the same period in the previous year were led by New South Wales (-16.0 per cent), Victoria (-7.2 per cent), South Australia (-6.6 per cent) and Queensland (-6.0 per cent). Western Australia saw a 5.4 per cent increase over the same period. In original terms, detached approvals in the same period fell in the Northern Territory (-30.5 per cent) and in Tasmania (-21.9 per cent), while the Australian Capital Territory saw an increase (+3.0 per cent).
Building Approvals - Australia
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Signs of a pulse in Canberra building approvals
Building approvals for dwellings in Canberra for the year to the end of March have shown some signs that the market may be turning the corner but still remain well below government targets.
Low volume of home building but labour shortages linger
“Australia has just seen its two weakest years of new home commencements in over a decade, meaning these ongoing shortages of skilled trades are not being caused by home building activity,” stated HIA Chief Economist, Tim Reardon.
Building approvals strengthen in March quarter
“There were 48,620 new homes approved for construction in the first quarter of 2025, up by 20.8 per cent on a year earlier,” stated HIA Senior Economist Tom Devitt.
New Government must put housing as first order of business
“The Housing Industry Association (HIA) calls on the newly elected Federal Government to make housing a first-order priority from day one, any delay or political grandstanding will only deepen the nation’s housing crisis,” HIA Managing Director Jocelyn Martin said today.