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:
Dwelling approvals have crashed in trend terms, driven by units & apartments:
Since initially peaking in March 2015, dwelling approvals nationally are down by 28.5% in trend terms.
Approvals have fallen fast in rolling annual terms:
There were 187,514 approvals in the year to June 2019 – well below the peak of 242,302 approvals in the year to August 2016 – with most of this growth in approvals coming from units and apartments, which are still running well above the 30-year average.
The below chart shows the time-series of approvals at the state level on a trend basis:
As you can see, approvals have crashed across all major markets.