Apartment approvals collapse

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The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of January. At the national level, the number of dwelling approvals collapsed by a seasonally adjusted 15.3% to 13,016. The overall slump in approvals was driven by units & apartments , which collapsed 35.5%.

Over the year, dwelling approvals fell 11.3%, with unit & apartment approvals falling 15.2% and house approvals falling by 8.8%:

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.