Australian dwelling construction implodes

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The ABS has released dwelling construction data for the June quarter, which recorded a collapse in dwelling commencements and completions.

According to the ABS, the number of dwelling commencements slumped by a seasonally-adjusted 5.6% over the June quarter and by 8.0% over the year. Detached house commencements fell by 0.8% over the quarter and by 1.7% over the year, whereas unit commencements tanked by 14.1% over the quarter and by 17.3% over the year:

As shown in the next chart, annual house commencements ran slightly below long-term average levels in the June quarter, whereas apartment commencements continue to run above average levels despite crashing:

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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.