Building approvals flat, and 25% below target

Way below target

Building approvals fell modestly in February, down by -0.3 per cent seasonally adjusted, to 16,600.

It was still a fairly solid result, almost entirely due to 2,962 units approved for Melbourne (versus only 795 for Sydney this month). 

House approvals have lost momentum and are rolling over now, with Melbourne (2,077) approving at double the rate of new houses for Sydney (1,018).

Overall, there were a total 16,600 approvals in February, leaving the trend flat.

Over the year there have been 179,000 dwelling approvals, which is off the cycle lows. 

Across the financial year to date, there have been 123,820 dwellings approved, which is only 77 per cent of the 'target' of 20,000 per month, and we are slipping further behind. 

With house approvals now rolling over, there's basically zero chance of the government getting close to its 1.2 million well-located new homes in five years target...and we'd arguably by lucky to even see close to 1 million. 

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