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:
Below are a series of charts that track approvals by housing segment in rolling annual terms nationally and across the major states.
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:
New South Wales
Detached house and townhouse approvals are falling from peak in NSW, while high-rise apartment approvals are rebounding from recent lows.
House approvals have surged to a record high in Victoria, while high-rise apartment approvals are crashing.
House approvals have rebounded to 2008 highs in Queensland, while high-rise apartment approvals are rebounding from recent lows.
House approvals have climbed to their highest level since 2015 in Perth.
Detached house approvals have hit a record high in South Australia.
Finally, here is a chart tracking high-rise apartment approvals across the major jurisdictions and nationally:
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.