In January, there was a seasonally adjusted decline of 1.0 percent in the overall number of building approvals granted in Australia, totaling to 12,850. This was contrary to the anticipated increase of 4.0 percent, particularly after the significant 9.5 percent decrease in December.
The private sector experienced a 9.9 percent fall in house approvals, standing at 7,461. However, there was a 19.5 percent rise in private sector approvals for dwellings excluding houses, which elevated to 5,238.
In terms of value, new residential construction increased by 19.4 percent, equating to A$7.14 billion. Additionally, there was a 12.4 percent rise in the value of non-residential buildings, amounting to A$4.92 billion.
