Australian house approvals fall

Press, Volume CXIV, Issue 33653, 1 October 1974, Page 17

Australian house approvals fall

(New Zealand Press Association —Copyright)

CANBERRA, Sept. 30. The number of house building approvals in Australia fell by 25 per cent during August to their lowest level since March, 1967. The value of all buildings approved during the month dropped by almost 22 per cent, on a seasonally adjusted basis. Figures released by the Bureau of Statistics today also showed large reductions in the value of building other than dwellings. Observers said that gloomy forecasts by the construction industry tended to be confirmed by today’s figures. But it was pointed out that figures were not sufficiently up to date to indicate the seriousness of the down-turn. The total value of building approved in August was $323 million seasonally

adjusted, compared with $412 million in July. The number of all dwellings (9429) and private dwellings (8444) approved fell on a seasonally-adjusted basis by 25 per cent and 23 per cent respectively from the July level. They were the lowest figures since March, 1967. On an unadjusted basis the value of building other than dwellings approved for August fell 32 per cent on the July figures, and for the private sector by 29 per cent. The total value of buildings other than dwellings approved fell in all states and territories except Western Australia.

There were major falls in most states and the Northern Territory in the value of dwellings approved. The figures for South Australia fell slightly while the Australian Capital Territory recorded its second successive rise.