Charting the epic apartment construction bust

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The Australian Bureau of Statistics (ABS) this week released its dwelling approvals data for July, which revealed that apartment approvals have fallen 63% below their November 2017 peak:

Today, I want to focus on the high-rise apartment segment, which has driven the apartment bust.

The next chart shows the picture at the national level and across the four major markets, presented in rolling annual terms:

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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.