Australia’s dwelling approvals crash deepens

The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of October. At the national level, the number of dwelling approvals tanked by a seasonally adjusted 8.1% to 13,049. The overall fall in approvals was broad-based, with both units & apartments (-11.3%) and houses (-7.0%) diving.

In the year to October 2019, dwelling approvals crashed by a seasonally-adjusted 23.6%, with house approvals down 19.4% and unit approvals tanking by 30.8%:

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