Approvals fading
House approvals unwound by 10 per cent in May 2021, but were still running at high levels through the tail end of the HomeBuilder stimulus.
Over the year house approvals rocketed higher in Greater Perth, Melbourne, and indeed many other locations.
Unit approvals remained subdued at 6,374 in May, reflected in the ongoing downtrend in Melbourne, where population growth has stalled.
Over the year to May there were some 212,000 approvals, which is a very solid result given the impacts on immigration this year.
Major renovations approvals have also begun their descent.
The unwind in approvals has begun, but the new supply of detached houses should still act to quell strong price growth in H2 2021.
---
Job ads are up for a record 13th month to be 39 per cent above pre-pandemic levels at 212,000, according to ANZ.
This is consistent with an unemployment rate around 5 per cent, ANZ noted.
