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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of June. At the national level, the number of dwelling approvals fell by a seasonally adjusted 1.2% to 14,295. The overall fall in approvals was driven by the volatile unit & apartment segment (-6.5), which more than offset the 0.4% rise in detached house approvals.
In the year to June 2019, dwelling approvals crashed by a seasonally-adjusted 25.6%, with house approvals down 14.8% and unit approvals down by 39.3%:
A chart showing the time series of seasonally-adjusted dwelling approvals at the national level is provided below, split-out by detached houses and units & apartments:
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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.