The number of dwellings approved in Australia tumbled by 16.4 percent month-over-month in May 2020, following an upwardly revised 2.1 percent fall in the previous month and compared with market expectations of a 10 percent drop. It was the sharpest decline in the number of dwellings approved since December 201, as private sector dwellings excluding houses plunged 34.9 percent (vs -8.5 percent in April). The number of dwellings approved in apartment buildings fell sharply, to an 11-year low. In addition, private sector houses fell 4.4 percent, after rising 2.7 percent in the prior month.
Building Permits in Australia averaged 0.29 percent from 1983 until 2020, reaching an all time high of 31.60 percent in May of 2012 and a record low of -21.70 percent in November of 2002. 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 2020. source: Australian Bureau of Statistics
Building Permits in Australia is expected to be -3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Building Permits in Australia to stand at 2.00 in 12 months time. In the long-term, the Australia Dwelling Approvals is projected to trend around 2.50 percent in 2021 and 3.00 percent in 2022, according to our econometric models.