New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals fell by 18.5% in March and were down 35.6% year-on-year.
The fall was driven by unit approvals, which fell 32.2%, whereas house approvals fell 3.0%.
Over the year, houses approvals fell 32.2% whereas unit approvals fell 41.0%.
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The next chart, which presents the data in seasonally adjusted terms, plots the changes:
Annual dwelling approvals continue to fall from peak, driven by house approvals. By contrast, apartment approvals have rebounding from their recent low:
The next chart plots annual approvals across the major jurisdictions, which shows that all markets have turned down:
Dwelling construction should remain strong for the rest of this year given the strong pipeline of homes under construction following the HomeBuilder boom.
The big slowdown should arrive next year after these homes currently under construction are completed.