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$vuetify.icons.faPhone1300 650 620

Building approvals fall a further 1 per cent in January

Media release

Building approvals fall a further 1 per cent in January

Media release
“Approvals have been declining since the first increase in the cash rate in mid-2022 and this trend appears to be continuing into the start of 2024. Building approvals nationally fell by a further 1.0 per cent in the month of January 2024,” stated HIA Chief Economist, Tim Reardon.

The Australian Bureau of Statistics today released its monthly building approvals data for January 2024 for detached houses and multi-units covering all states and territories.

“Detached home building approvals fell by 9.6 per cent in the month of January 2024. This decline leaves approvals 5.3 per cent lower in the three-month period to January compared to the previous year,” added Mr Reardon.

“Multi-unit approvals have increased by 14.5 per cent in January from very low volumes in the previous month. The three-month period to January saw multi-unit approvals decline by 15.4 per cent compared to the previous year.

“The low volume of building approvals throughout 2023 will see the volume of homes commencing construction continue to slow this year. The rise in the cash rate is the primary cause of this slowdown in approvals.

“Approvals have declined across all jurisdictions, however, there is an increasing divergence among the jurisdictions as the rise in the cash rate falls disproportionately on those markets with higher land costs,” concluded Mr Reardon.

In seasonally adjusted terms, dwelling approvals in the three months to January increased only in Western Australia, up by 26.4 per cent compared to the previous year. Other jurisdictions saw declines in approvals, led by Tasmania (-29.8 per cent), followed by the Northern Territory (-26.0 per cent), New South Wales (-17.6 per cent), South Australia (-13.4 per cent), Victoria (-12.2 per cent) Queensland (-10.0 per cent), and the Australian Capital Territory (-3.9 per cent).

Monthly Building Approvals - Australia, 3 Month rolling average

Source: ABS

For more information please contact:

Tim Reardon

HIA Chief Economist
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