South Australian residential building approvals have continued to stabilise after falling through the first half of 2016, data released by the Australian Bureau of Statistics yesterday show. The number of new dwellings approved across South Australia was unchanged for the month of March 2017, but down 20 per cent compared to a year earlier.
Taking a broader look, the value of South Australian building approvals in trend terms fell by 3.1 per cent in March to be down 9.2 per cent compared to March 2016. The recent monthly fall reflects a decline in approvals of non-residential building, while the fall over the past year mainly reflects weaker residential building approval activity. Despite the recent monthly fall, the value of building approvals remain at a solid level by recent historical standards.
At the national level, the number of dwellings approved was down 13 per cent over the year to March 2017, while the value of buildings approved was down 6.5 per cent. South Australia has mirrored the Australian trend of falling building approvals over the past 12 months, but to a stronger extent.