Housing Approvals Drop to 11-Year Low in Australia

Published on April 4, 2024

Australia’s housing approvals have fallen to an 11-year low despite high demand, adding pressure to the housing market. New data from the Australian Bureau of Statistics (ABS) showed that dwelling approvals dropped 1.9 percent in February 2024, following a one percent slip in January and a 9.5 percent drop in December 2023. The decline was driven by the significant fall in private sector dwellings. “Approvals for private sector dwellings excluding houses fell 24.9 percent in February, driven by a fall in the number of approved large apartment projects,” said ABS head of construction statistics Daniel Rossi. “Approvals for private houses rose 10.7 percent in February.” Master Builders Australia, a peak industry body, raised concerns that the low housing approval rate would make it unlikely for the government to achieve its housing target....

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