The construction of 8,312 new private sector houses were approved in March, down 2.8% from February and 15% less than in March '22.
- The ABS have revealed the construction of 12,686 new dwelling units were approved in March.
- According to the HIA, this means the quarterly number of new approvals was the lowest since 2012.
- HIA Economist says this means the housing affordability crisis is likely to get worse.
The overall number of dwelling units approved was 12,686, only 0.1% less than February, but 17.3% lower than March '22.
ABS head of construction statistics Daniel Rossi said this is the sixth consecutive month of approvals falling, and private sector house approvals remain 15% lower than March 2022.
The Housing Industry Association (HIA) says this means the March quarter had the lowest number of building approvals since 2012.
HIA Senior Economist Tom Devitt says low building approvals is likely to escalate these problems.
"These disappointing approvals numbers are occurring as population growth surges with the return of overseas migrants, students and tourists," Mr Devitt said.
"This imbalance will see the affordability and rental crisis deteriorate further."
"11-year low in building approvals to exacerbate rental and housing crisis" was originally published on Savings.com.au and was republished with permission.