Residential building approvals drop again in May

Australian Bureau of Statistics (ABS)  Building Approvals show that the total number of dwellings approved fell in May 2010 and has fallen for two months in seasonally adjusted terms. This months fall was due to an 18.8% decrease in private sector other dwellings approved.

According to the ABS, New South Wales (-9.8%), Victoria (-3.0%), Queensland (-8.6%), Western Australia (-13.9%) and Tasmania (-24.8%) recorded less dwelling approvals this month, while South Australia recorded 30.6% more dwelling approvals.

Private sector houses approved rose 1.7% due to a large increase in Victoria (14.5%). Whereas New South Wales (-1.2%), Queensland (-8.2%), South Australia (-0.3%) and Western Australia (-3.6%) fell.  Apartments for sale Melbourne – property investment melbourne.

The value of total building approved rose 2.7% in May in seasonally adjusted terms. The value of total residential rose by 0.1% and non-residential rose by 9.1%. Further information is available in Building Approvals, Australia (cat no. 8731.0) on the ABS website at www.abs.gov.au

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