Australian Property

Australia’s high-rise apartment market still stuck in doldrums

Leith van Onselen
Wednesday, 1 December 2021
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The Australian Bureau of Statistics (ABS) yesterday released its dwelling approvals data for October, which revealed that apartment approvals have fallen 62% below their November 2017 peak, while detached approvals are falling from their April HomeBuilder record highs:

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

National

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Nationally, you can clearly see the impact of HomeBuilder, with detached house approvals running near record highs while high-rise apartment approvals are running 49% below their October 2015 peak:

New South Wales

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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.