Dwelling approvals tanked in May

Monday 4 July 2016

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 fell by a seasonally adjusted 5.2% to 19,276. The overall fall was driven by the volatile unit and apartment segment, which slumped by 11.3%, more than offsetting a small 0.1% rise in house approvals.

In the year to May 2016, dwelling approvals fell by a seasonally-adjusted 9.1%, with falling unit approvals (-18.2%) more than offsetting a small rise in detached house approvals (+1.3%):

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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.