Construction approvals up and down with large apartment developments
New residential dwelling construction approvals are down in August 2015 after a high level of approvals in July.Statistics from the Australian Bureau of Statistics on building approvals, showed that over the month of August 18,701 dwellings were approved for construction. This is down by 6.9% from the previous month of July.
Apartment approvals accounted for most of the decrease, with a 11.4 per cent fall. Private sector house approvals actually rose by 4.9%.
The level of building approvals has been up-and-down in recent months. The 6.9% fall in August comes after a 4.2% increase in July, a 5.2% decrease in June, a 2% increase in May, and a 5.2% decrease in April.
The increase in July was mainly attributed to the approval of large apartment development projects. The level of approvals excluding houses in July was up 6.1% from the previous month.
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