New data released today by the Australian Bureau of Statistics (ABS) shows that dwelling approvals rebounded by 9.9% in May but were down 20.9% year-on-year.
The rebound was driven by unit approvals, which surged 32.0%, whereas house approvals fell 2.7%.
Over the year, houses approvals fell 29.5% whereas unit approvals fell 5.4%.
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:
The next chart plots trend approvals across the major jurisdictions, which shows that all markets have turned down:
The big slowdown should arrive next year after the large number of HomeBuilder stimulus homes currently under construction are finished.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
- Australia’s housing ATM runs dry - August 18, 2022
- Labor blames “supply” for housing crisis, then drops record immigration - August 18, 2022
- Links 18 August 2022 - August 18, 2022
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