The latest Australian Bureau of Statistics data showed the number of dwellings approved in Tasmania had fallen 0.5 per cent between January and February 2024.

Furthermore, approval figures were down 19.0 per cent compared to one year earlier.

Nationally, the number of estimated dwelling approvals decreased by three per cent compared with the previous month and was nine per cent lower than the year earlier.

National dwelling approvals in the three months to February dropped across the board.

The decline in approvals was led by Victoria (-14.7 per cent), followed by Tasmania (-14.3 per cent), New South Wales (-13.4 per cent), Queensland (-11.7 per cent) and South Australia (-10.6 per cent).

The bulk of the decline for Tasmania was in December 2023 and January 2024.

According to a buildings approvals report by the Tasmanian Department of Treasury and Finance, the number of dwelling approvals trended upwards from mid-2020 to mid-2021.

The report stated that the reduced level of building approvals seen since this period may be due, in part, to the conclusion of the federal and state housing stimulus measures.

The Treasury said the stimulus had been supporting high levels of building approvals.

From mid-2017, the report mentions the estimated the yearly average value of residential building approvals increased strongly in Tasmania, reaching a peak in the year to August 2021.

While the number has fallen since, it remains higher than the pre-COVID-19 level according to the report.

Moreover, the Tasmanian government report showed that in February 2024, the value of Tasmanian non-residential building approvals decreased by 35.7 per cent compared with the previous year.