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The ABS has just released dwelling completions data for the December quarter, which registered a -3.2% decrease in the total number of dwellings completed over the quarter, with detached house construction falling by -1.4% and unit & apartment construction falling by -6.1% (see next chart).
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At the state level, falls were driven by Victoria (-8.7%), Western Australia (-14.5%), South Australia (-11.2%), and Queensland (-2.7%). By contrast, New South Wales experienced a pick-up in dwelling completions (+15.4%):
Clearly, more work is required if the RBA is to achieve its goal of housing construction filling the void left as the mining boom unwinds.
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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.