Yesterday, the Australian Bureau of Statistics (ABS) released dwelling construction data for the September quarter, which showed that annual detached house commencements hit their highest level on record, with total commencements just below record highs:
By contrast, actual dwelling completions remained depressed, suggesting the supply pipeline is chock full:
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The below charts plot annual dwelling approvals, commencements and completions against population growth nationally and across the five major states, and give us a clearer picture on the structural supply situation facing the nation.