05/05/2006 - 11:14

Private sector housing approvals down 8% in WA for March

05/05/2006 - 11:14

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Western Australia's total building approvals inched up 0.2 of a percentage point, however private sector houses approved fell 8 per cent according to March figures.

Private sector housing approvals down 8% in WA for March


Western Australia's total building approvals inched up 0.2 of a percentage point, however private sector houses approved fell 8 per cent according to March figures.

Latest Australian Bureau of Statistics reveal total dwelling units approved have risen to 2,039 in WA, however the trend estimate for total dwellings approved is showing falls for the last two months.

Approvals for private sector houses in WA had fallen to 1,694 with the trend showing falls in the last three months.

Real Estate Institute of Western Australia director of research and policy Stewart Darby said the fall of 8 per cent in March for private sector housing approvals illustrated monthly volatility in the sector.

"It is a notable drop," he said. "But only a few months ago January approvals were the highest on record in monthly terms.

"WA has been in an upward trend over the last four years and we are simply coming back to a more sustainable level."

Mr Darby told WA Business News the percentage fall may be due to a seasonal lull as a result of time lags in the industry.

Nationally, there was an increase in total dwelling units approved of 2.2 per cent, coming in above market expectations with economists predicting a rise of one per cent.

Across the states, total building approvals were strongest in Tasmania, surging nearly 40 per cent to 280.

In South Australia, approvals rose 9.3 per cent to just over 1,000.

In Victoria they grew 6.2 per cent to over 3,300.

While NSW and Queensland both experienced a fall in approvals of 1.4 per cent each . NSW to just over two 2,300 and Queensland nearly 3,200.

 

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