Sign housing crisis will drag on

The average value of new houses in Australia is still cooling after a steep peak in April 2022. Picture: NCA NewsWire / Sharon Smith

Approvals for higher density houses have rebounded in March after a shocking 12-year low.

Data released by the Australian Bureau of Statistics on Thursday shows some life in the market, with approvals for private sector houses going up in most states in March.

Approvals for new semi-detached, row or terrace houses, townhouses and apartments went up 3.6 per cent in March, following a 12-year low in February.

Nationwide, 12,947 new dwellings got the sign-off, part of a continual slide from the peak of 23,000 new homes in March 2021.

The average value of a new approved house in March is nearly $469,000. Picture: NCA NewsWire/ Gaye Gerard

Nearly 4000 new semi-detached, houses, townhouses and apartments were approved.

Overall, the total number of dwellings approved rose 1.9 per cent in March (seasonally adjusted), after a 0.9 per cent decrease in February, according to the ABS data.

That rise masks a huge 18 per cent drop in approvals in Tasmania, and a seven per cent fall-off in South Australia.

Victoria was the frontrunner for overall dwelling approvals for the month, with an increase of 3.2 per cent.

Approvals for new semi-detached, houses, townhouses and apartments have rebounded after plummeting to 12-year lows in February. Picture: NCA NewsWire/ Gaye Gerard

The deflating February figures have been clawed back in some areas. The total value of approved buildings bounced back 15.9 per cent after a 16.8 per cent plummet.

The value of total residential building rose 8.3 per cent, pushed along by increases in residential buildings and alterations and additions.

The average value of a new approved house in March sits at $468,781.