Housing starts slump continues, 38k only

Dwelling starts remain at crawl speed

More housing projects are beginning to stall now, with over 37,000 dwellings approved but not yet commenced as at the end of the December 2023 quarter. 

There's still a high number of dwellings officially under construction, although detached houses had fallen from 105,000 to 89,000 by December 2023, and are probably under 80,000 today. 

I wouldn't be surprised if many of the apartment projects are progressing at a snail's pace from here, either. 

Dwelling starts continued to be abysmal, at only 38,000 for a second consecutive quarter, on a seasonally adjusted basis. 

Apartment and townhouse commencements are weakening significantly in all three of the most populated states. 

Completions fell slightly, down by 1 per cent in the December quarter to 43,000. 

Completions are running at a respectable enough level, albeit not nearly at a high enough level for record high population growth. 

Overall, pretty dire, despite the high number of dwellings still to be completed. 

Looking ahead, the pipeline is increasingly set to thin out in 2025 and beyond. 

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