Australia’s dwelling approvals crash rolls on

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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of September. At the national level, the number of dwelling approvals rebounded by a seasonally adjusted 7.6% to 14,004. The overall rebound in approvals was driven by units & apartments (+16.6%) with houses (+2.8%) also rising.

In the year to September 2019, dwelling approvals crashed by a seasonally-adjusted 19.0%, with house approvals down 11.1% and unit approvals tanking by 27.4%:

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.