In the three months to October 2007, a total of 4,362 houses (trend) were approved for construction in Western Australia, 3.3% (147) less than in the previous three month period. The number of house approvals has continued to fall over the last 20 months by an average of 1.3% (21) per month. Despite the fall in house approvals, other residential dwelling approvals have risen 1.8% (23) to 1,297 in the three months to October 2007 - comprising semi-detached houses, townhouses and flats, units and apartments.
NUMBER OF DWELLINGS APPROVED,
Coinciding with the decline in Western Australia's house approvals (trend) from February 2006 (1,872) to October 2007 (1,447) has been four interest rate rises by the Reserve Bank of Australia: 0.25% in May 2006 (5.75%), August 2006 (6.00%), November 2006 (6.25%) and August 2007 (6.50%). There has also been an increase of 11.2% in the price of new houses in Perth between the March quarter 2006 and September quarter 2007.
The total value of house approvals (original) in Western Australia decreased 3.6% ($43 million) to $1,139 million in the three months to October 2007.