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House approvals up, apartments down: ABS

After a strong month in February, apartment approvals dropped in March.  This is a key reason Australian property markts keep their safe nature, as supply does not usually become over flooded, while the incoming population continues to grow at a steady pace.

Dwelling approval figures released this week by the Australian Bureau of Statistics for the month of March show that private sector house approvals rose by just 0.8 per cent while apartment approvals reversed their jump in February, falling by 33.2 per cent.

Detached house approvals fell by 2.9 per cent over the March quarter to be 2.6 per cent lower than in the March 2006 quarter.

On a state by state basis, the trend estimate for total dwelling units approved fell in the Northern Territory (down 5.3 per cent), Western Australia (down 3.1 per cent), Queensland (1.7 per cent) and New South Wales (down 1.3 per cent).

The trend estimate increased dramatically in the Australian Capital Territory (by 10.7 per cent) and to a much lesser degree in South Australia (up by 0.1 per cent), Tasmania (up 0.4 per cent) and Victoria (up 0.5 per cent).

- market, trend, approval

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