BIS: Apartment market faces years of implosion

The latest dwelling approvals data from the ABS shows that unit & apartment approvals are running 54% below their June 2016 peak, after collapsing by 31% over the past year alone:

The situation is equally dire for high-rise approvals, which have collapsed across the three major markets, down by 54% (NSW), 58% (VIC) and 70% (QLD) from their respective peaks in rolling annual terms:

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