Australian high-rise apartment crash gathers pace

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Last week, the Australian Bureau of Statistics (ABS) released its dwelling approvals data for May, which revealed that high-rise apartment approvals have collapsed by 43% since peaking in October 2015, driven by the three major jurisdictions:

As shown above, there were 44,381 high-rise apartments approved across the nation in the year to May 2019, well down from the peak of 78,089 in the year to October 2015.

Detached house and townhouse approvals are also declining; albeit at a much slower rate.

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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.