Building approvals bounce back in March

Building approvals for new homes rebounded strongly in Western Australia in March, following three consecutive months of declines.

The Australian Bureau of Statistics said there were 2,622 dwellings approved in WA in March, in seasonally adjusted terms, up from 2,206 in February.

However, the approvals remain some 500 homes behind 2014’s peak of 3,152 in July.

Nonetheless, the 18.9 per cent rise in new dwelling approvals made WA one of four states to experience an increase in March.

Tasmania led the way at 42.3 per cent, followed by South Australia at 35.2 per cent, WA, then Queensland with 8.1 per cent.

New approvals nationally in March hit 19,419 in seasonally adjusted terms, a new all-time high.

“Strong activity in the high density segment helped propel dwelling approvals to unprecedented levels in March,” Housing Industry Association Shane Garrett said.

“New home building continues to benefit from the exceptionally low level of interest rates as well as strong population growth over recent years in the key home buyer age group.”