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{{propApi.successMessage}} {{region}} Change locationApprovals rise prior to conflict in the Middle East
Approvals rise prior to conflict in the Middle East
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The Australian Bureau of Statistics today released its monthly building approvals data for February 2026 for detached houses and multi-units covering all states and territories.
“This produced a quarterly volume of 29,720 new house approvals, which was 6.9 per cent greater than the same three month period last year,” added Mr Devitt.
“Multi-unit approvals also bounced back after some weakness in December and January, almost doubling (+93.2 per cent) in the month to 9,070, the highest since June 2018.
“Outside of monthly volatility, this segment of the home building market is also strengthening after several years of depressed activity.
“The rise in detached house and multi-unit approvals numbers has been on the back of elevated population growth, low unemployment and three interest rate cuts last year.
“Approvals in February will be more reflective, however, of new homes sold in previous months.
“The data doesn’t reflect the effects of two more recent rate hikes by the RBA, and the surge in fuel prices with the latest events in the Middle East.
“Much of the attention is focused on the surge in fuel and materials prices and their direct impacts on transport, materials and site costs.
“So far, events overseas represent a price shock, but not yet a supply shock.
“If overseas events are short-lived, oil prices are likely to stabilise. In this scenario, there is good reason to believe that ongoing pressure on inflation and interest rates should subside.
“If overseas events persist, the likelihood increases that the current price shock will feed into future expectations, ongoing inflation and, therefore, even higher interest rates.
“It is all the more important now for policymakers to enact meaningful reforms that lower the cost of new home delivery.
“This means reducing taxes, not increasing them, pausing further regulatory changes, and addressing structural shortages of skilled trades,” concluded Mr Devitt.
In seasonally adjusted terms, Western Australia saw the largest increase in detached house approvals in the three months to February 2026, compared to the same quarter last year, up by 24.8 per cent. This was followed by New South Wales (+6.5 per cent), Queensland (+3.1 per cent), Victoria (+2.8 per cent) and South Australia (+0.1 per cent). In original terms, detached house approvals fell by 6.6 per cent in Tasmania and 15.8 per cent in the Northern Territory, while jumping by 33.8 per cent in the Australian Capital Territory.
Monthly Building Approvals - Australia
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