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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 3.2% to 17,791. The overall fall was driven by the detached house market (-8.6%), whereas unit & apartment approvals rose by 4.3%.
In the year to May 2018, dwelling approvals rose by a seasonally-adjusted 3.1%, with unit & apartment approvals up by 9.1% whereas house approvals fell by 1.2%:
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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.