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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of August. At the national level, the number of dwelling approvals fell by a seasonally adjusted 9.4% to 16,477. The overall decline in approvals was broad-based with both the unit & apartment segment (-17.2%) and detached house segment (-1.9%) posting falls.
In the year to August 2018, dwelling approvals fell by a seasonally-adjusted 13.6%, with house approvals down 4.4% whereas unit approvals fell by 23.7%:
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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.