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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of November. At the national level, the number of dwelling approvals surged by a seasonally adjusted 11.8% to 14,675. The overall lift in approvals was broad-based, with both units & apartments (+22.6%) and houses (+6.1%) rising.
However, in the year to November 2019, dwelling approvals fell a seasonally-adjusted 3.8%, with house approvals down 9.9% and unit approvals down by 5.5%:
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.