Total dwelling approvals increased by 0.2 per cent, seasonally adjusted, in September 2017, adding an eighth consecutive month of positive growth in residential approvals.
“The data supports Master Builders Australia’s expectation of a moderate easing in residential construction activity leading into 2018 and our forecast that the trough will be relatively short lived,” Matthew Pollock, Master Builders Australia’s National Manager Housing said.
“Approvals for the building of new housing rose by 1.5 per cent, comprised of a 0.8 per cent rise for new detached houses and a 2.3 per cent lift in apartments over the course of the month,” he said.
Across the states the picture was largely positive with only two experiencing a drop in dwelling approvals. NSW (10.7 per cent), SA (6.7 per cent), WA (27.1 per cent) and Tasmania (16.6 per cent), but fell in Victoria (-1.9 per cent) and in Queensland (-17 per cent).
“Big movements were seen in the non-residential sector with a 22.4 per cent rise seasonally adjusted in the value of non-residential building approvals supporting growth of 8.3 per cent in the value of total building approvals in September,” Matthew Pollock said.
“While encouraging, it’s too early to mark this as a turning point for commercial construction as it followed a 10.9 per cent fall in the previous month,” Matthew Pollock said.