Australian dwelling approvals rebounded in December

Thursday 2 February 2023

The Australian Bureau of Statistics (ABS) has released dwelling approvals data for December, with total approvals rising 18.5% over the month driven by a 56.6% surge in apartment approvals, while house approvals fell 2.3%:

However, dwelling approvals fell 3.8% over 2022, with house approvals down 11.7% and apartment approvals up 2.9%:

The next chart shows approvals in annual terms, which are rapidly falling back to their long-term trend:

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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.