Australian dwelling construction still running strong
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The ABS has released dwelling construction data for the June quarter, which recorded rising dwelling commencements and completions.
According to the ABS, the number of dwelling commencements surged by a seasonally-adjusted 23.2% over the June quarter and by 52.8% over the year. Detached house commencements rose by 13.0% over the quarter and by 58.7% over the year, whereas unit commencements rose by 46.0% over the quarter and by 43.2% over the year:
As shown in the next chart, annual house commencements ran way above long-term average levels in the June quarter, whereas apartment commencements continue to run slightly above average levels:
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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.
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