Apartment surge offsets weak houses

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By Leith van Onselen

The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of May. At the national level, the number of dwelling approvals rose by a seasonally adjusted 2.4% to 19,414. The overall rise was driven by the volatile unit and apartment segment, which surged by 16.6% in May. By comparison, the usually more stable house approvals segment slumped by 8.4% over the month.

The result beat expectations, who had expected a 1.2% lift in approvals over the month.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.