Building approvals rise to 15,000 (target is ∼20,000)

Approvals soft

Detached house approvals fell -3 per cent in December, as Melbourne supply passes its peak in a soft market.

The bright spots for detached house supply are Perth, and to a lesser extent Adelaide. 

Sydney has fewer houses being approved than Perth, and Brisbane. 

Attached approvals remained low, but are at least passed their cycle lows in all 4 of the largest state capital cities. 

Overall, there were 15,174 approvals, still well below the monthly target of around 20,000 approved dwellings. 

Across 2024 as a whole, there were 170,000 dwellings approved, with the government hoping to see around 240,000. 

Canberra saw yet another record low for annual approvals, with only 680 dwellings approved in 2024, the lowest figure since equivalent records began in 1970, reported the Housing Industry Association.

In other news, the Melbourne Institute inflation gauge was negative in December, taking the annual pace of inflation down from 2.6 per cent to 2.3 per cent. 

Retail turnover was better than expected at -0.1 per cent in December, seasonally adjusted, though the first quarter of 2025 is likely to be softer.

Will tariffs and trade wars rumbling globally, bond yields were lower on the day, with share markets also taking a bit of a knock. 

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