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 rose by a seasonally adjusted 0.7% to 14,436. The overall rise in approvals was driven by the volatile unit & apartment segment (+1.2%), which more than offset the 0.3% fall in detached house approvals.
However, in the year to May 2019, dwelling approvals crashed by a seasonally-adjusted 19.6%, with house approvals down 12.7% and unit approvals down by 28.9%:
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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