The seasonally adjusted estimate for total dwellings approved in Australia unexpectedly expanded by 9.9 percent month-over-month to 16,390 units in May 2022, easily topping market forecasts of a 1.8 percent drop and shifting from a revised 3.9 percent fall a month earlier. This was the first rise in building permits since February, mainly boosted by a sharp rebound in approvals for private sector dwellings excluding houses (32 percent vs -8.1 percent in April). Meantime, approvals for private sector houses fell further (-2.7 percent vs -0.2 percent). Across Australia, the number of dwelling approvals rose in Western Australia (38.7 percent), Tasmania (26.8 percent), Queensland (20.9 percent) and New South Wales (4.7 percent); while declined in both South Australia (-21.3 percent) and Victoria (-6.6 percent). On a yearly basis, however, building permits sank 20.9 percent, due to falls in both approvals of both private sector houses and private sector dwellings excluding houses. source: Australian Bureau of Statistics
Building Permits in Australia averaged 0.35 percent from 1983 until 2022, reaching an all time high of 41.40 percent in February of 2022 and a record low of -24.60 percent in January of 2022. This page provides the latest reported value for - Australia Building Permits - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Australia Dwelling Approvals - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
Building Permits in Australia is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Dwelling Approvals is projected to trend around 3.00 percent in 2023, according to our econometric models.