Housing market: Building approvals - value of buildings
The value of building approvals demonstrates trends in the value of houses and of other building work over time.
The Australian Bureau of Statistics (ABS) publication Building Approvals, Australia reports the value of building approvals by type of building. A building is defined as a rigid, fixed and permanent structure which has a roof. The monthly publication presents details of building work approved including the construction of new buildings; alterations and additions to existing buildings; approved non-structural renovation and refurbishment work; and approved installation of integral building features. Construction activity not defined as buildings (e.g. roads, bridges, railways, earthworks, etc.) is excluded. Data on the value of building work approved are derived by aggregating the estimated ‘value of building work when completed’ as reported on building approval documents provided to local councils and other building approval authorities.
The ABS is currently monitoring for potential impacts from the Coronavirus (COVID-19) on building approval activity statistics and will continue to do so for the period of the pandemic. The significant and wide-ranging impacts of COVID-19 on the Australian economy are expected to disrupt normal patterns of building approvals to the extent that trend calculations, which require time to adjust for trend shifts of this magnitude, would likely provide an inaccurate view of underlying activity. The ABS has therefore suspended trend series in this publication as of May 2020. These series will be reinstated once the underlying changes in the pattern of building approval activity become clearer. The data presented in the Building approvals - value of buildings dashboard menu option consequently reflects these changes.
Building Approvals, Australia data are also used in the following dashboard menu options: Building approvals - dwellings approved, Building approvals - Local Government Area and Building approvals - new residential dwellings.
See ABS 8731.0 – Building Approvals, Australia (http://www.abs.gov.au/ausstats/[email protected]/mf/8731.0) for further information, including in-depth commentary and analysis, in particular the source data Quality Declaration. Source reference tables 30–38.