The ABS yesterday released dwelling construction data for the December quarter, which recorded a small rebound in construction activity.
According to the ABS, the number of dwelling commencements rose by a seasonally-adjusted 1.2% over the December quarter, but fell by 15.2% over the year. Detached house commencements rose by 0.1% over the quarter but fell by 8.9% over the year, whereas unit commencements rose by 3.5% over the quarter but fell by 22.7% over the year:
As shown in the next chart, annual house commencements ran at long-term average levels in the December quarter, whereas apartment commencements continue to run above average levels despite crashing over the past year or so:
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