House approvals boom while apartment approvals bust

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Never has there been such a strong divergence between the construction of detached houses and apartments.

Yesterday’s dwelling approvals data from the Australian Bureau of Statistics (ABS) revealed that 14,072 detached houses were approved over the month – a 58% increase year-over-year and the highest monthly count since the series began in 1983:

Detached house approvals - Australia

Detached house approvals hit a record high in February 2021.

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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.