Aussie dwelling approvals crash

New data released today by the Australian Bureau of Statistics (ABS) shows that dwelling approvals plunged 17.2% in July to be down 59.9% year-on-year.

The fall was driven by unit approvals, which fell 43.5%, whereas house approvals rose 0.7%.

Over the year, houses approvals fell 17.4% whereas unit approvals fell 43.0%.

The next chart, which presents the data in seasonally adjusted terms, plots the changes:

The trend changes are plotted below:

Annual dwelling approvals continue to fall sharply from peak, driven by house approvals:

Finally, trend approvals have plunged from peak across the major jurisdictions:

The big slowdown should arrive next year after the large number of HomeBuilder stimulus homes currently under construction are finished.