The latest data from the Australian Bureau of Statistics (ABS) shows a 19.1 per cent increase in total dwelling approvals, bucking known industry trends.
According to the data, multi-residential dwelling approvals surged by almost 65 percent from January to February this year, while single dwelling approvals dipped by almost four percent.
This goes against the overall industry trends, however.
In ‘trend terms’, from February 2018 to February 2019, total dwelling approvals were down by almost 22 percent.
For this reason, experts have declared the latest data to be an anomaly, rather than a sign of changing times for the building industry.
“Apartment approvals in New South Wales and Victoria drove the positive figure but this is an expected blip given the lumpy nature of the high-density sector,” says BIS Oxford Economics analyst Maree Kilroy in a comment to the Sydney Morning Herald.
Kilroy adds that considering the negative figures for house prices and lot sales, building approvals are likely to weaken throughout 2019.