In March, Australia saw a seasonally adjusted increase of 1.9 percent in the total number of building permits issued, with 12,947 permits issued in total, according to the Australian Bureau of Statistics. This aligned with expectations, particularly considering the 0.9 percent dip witnessed in February.
The data revealed that the approval for private houses rose by 3.8 percent, hitting a figure of 8,891. This increase matched predictions, especially following the significant 12.4 percent jump recorded in the prior month. Private sector dwellings, excluding houses, also increased by 3.6 percent, reaching a total of 3,936.
However, on an annual basis, overall approvals experienced a slight decline of 2.2 percent. Despite this, the total value of building approvals increased by 15.9 percent, a significant recovery from the 16.8 percent decrease registered in February.
