Charting the high-rise apartment bust

The Australian Bureau of Statistics (ABS) this week released its dwelling approvals data for June, which revealed that apartment approvals have fallen 49% below their November 2017 peak, while detached approvals are running near record high levels:

Dwelling approvals

Houses boom, apartments bust.

Below are a series of charts that track approvals by housing segment in rolling annual terms nationally and across the major states.

National

Nationally, you can clearly see the impact of HomeBuilder, with detached house approvals running at record highs while high-rise apartment approvals are running 53% below their October 2015 peak:

Australian dwelling approvals

Record house approvals thanks to HomeBuilder.

New South Wales

Detached house and townhouse approvals are falling from peak in NSW, while high-rise apartment approvals are rebounding from recent lows.

NSW dwelling approvals

NSW house approvals fade, high-rise apartments rebound.

Victoria

House approvals have surged to a record high in Victoria, while high-rise apartment approvals are crashing.

VIC approvals

Record high house approvals, while apartments bust.

Queensland

House approvals have rebounded to 2008 highs in Queensland, while high-rise apartment approvals are rebounding from recent lows.

QLD approvals

House approvals hit GFC high, apartment approvals climb off canvas.

Western Australia

House approvals have climbed to their highest level since 2015 in Perth.

WA approvals

Detached house approvals soar.

South Australia

Detached house approvals have hit a record high in South Australia.

SA approvals

Record house approvals.

Finally, here is a chart tracking high-rise apartment approvals across the major jurisdictions and nationally:

High-rise approvals

Down heavily.

Without hordes of migrants and international students arriving, there is little need for so many high-rise apartments to be built. One of the few positives to arise from COVID.

Unconventional Economist
Latest posts by Unconventional Economist (see all)

Comments are hidden for Membership Subscribers only.