Approvals in decline
Building approvals fell 13 per cent to a seasonally adjusted 15,911 in October, driven by a sharp 38 per cent drop in attached dwelling approvals (such as units and townhouses).
Building approvals for houses were still strong in Melbourne, but are probably now peaking out as the HomeBuilder stimulus drops off.
From month to month the figures for units can be very lumpy, and approvals for units in Sydney dropped sharply from last month's spike of 3,319 last month to 1,673.
The rolling annual average shows the trends more clearly.
With rental vacancies nationwide at decade lows, the international borders set to reopen soon in 2022, and regulatory shifts to capital weights for interest-only lending pending, there may well be quite a shortage of rentals in the post.
