Dwelling approvals flat in December

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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of December. At the national level, the number of dwelling approvals was basically flat, declining by a seasonally adjusted 0.2% to 14,752. The overall slide in approvals was broad-based, with both units & apartments (-0.1%) and houses (-0.1%) posting small falls.

However, in the 2019 calendar year, dwelling approvals rose a seasonally-adjusted 2.7%, with unit & apartment approvals rising by 19.4% but house approvals falling by 7.1%:

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.