Total residential building approvals up 3.5% seasonally adjusted in March compared to February. Up for the second straight month and now standing at 10,494.
YoY residential building approvals fell 16.5%. Compared to February’s 25.5% YoY.
Total building approved on the other hand fell 3.5% in March after a revised increased of 14% in February.
To break it down:
- The value of new residential buildings approved rose 1.1%
- While the value of alterations and additions rose, 2.2%
This is not good for the Australian housing sector as more supply is being added into the market. Bottoming process in the price of Australian homes may still take a while longer.
Source: RTT News
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