Dwelling approvals collapse

The Australian Bureau of Statistics (ABS) has released dwelling approvals data for the month of May. At the national level, the number of dwelling approvals collapsed by a seasonally adjusted 16.4% to 12,736. The overall decline in approvals was driven by units & apartments, which fell by 34.9%, whereas house approvals fell by 4.4%.

Over the year, dwelling approvals tanked by 11.6%, with unit & apartment approvals falling 30.6% and house approvals falling 0.4%:

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