Building approvals down over the year
Detached house dwelling approvals are now falling away, to be down by more than 10 per cent over the year, having previously been supported by the HomeBuilder package.
Unit approvals were solid enough in September, largely due to Sydney and Melbourne, though whether any new projects get out of the ground at this stage of the cycle is another question entirely.
There's not much happening in Queensland, with multiple construction firms going under in the state this year.
The "trend" series is actually up a little, after an abnormally low month in July, a figure which was impacted by dramatic floods.
More realistically, annual building approvals have dropped from 232,000 to 191,000 over the past year, and are heading towards cycle lows of 175,000 in de course.
Housing finance for construction has plunged, portending a significant shortage of dwellings over the next year and beyond.
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Population growth, meanwhile, is at a record high, killing off the admittedly modest risk of a wage price spiral in Australia.
Source: Cedar Woods
