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 5.6% to 16,448. The overall decline was driven by the volatile unit & apartment market (-12.1%), whereas house approvals rose slightly (+0.6%).
In the year to May 2017, dwelling approvals fell by a seasonally-adjusted 19.7%, with unit approvals down by 31.3% and detached house approvals down by 6.8%: