The ABS yesterday released dwelling construction data for the June quarter, which recorded a dead cat bounce in both commencements and completions.
According to the ABS, the number of dwelling commencements rebounded by a seasonally-adjusted 1.1% over the June quarter, but crashed by 20.3% over the year. While detached house commencements fell by 10.6% over the quarter and by 16.4% over the year, this was offset by unit commencements, which rose by 21.0% over the quarter but were down by 25.2% over the year:
As shown above, annual house commencements ran moderately above the long-term average in the June quarter, whereas apartment commencements continue to run strong despite crashing over the past year.
Advertisement
