Approvals pick up
House approvals remained fairly flat in June, easing by -2 per cent to 9,142, seasonally adjusted, for the private sector.
There's a serious undersupply in Perth, Brisbane, Adelaide, and Sydney, in particular.
On the other hand attached dwelling approvals are through the cycle lows in all of the largest capital cities, and increased to 7,594 for the month.
Overall, there were 17,000 dwellings approved in June, for the best month since mid-2023.
The annual number of building approvals increased to just short of 187,000.
Of course, this month's result of 17,000 remains far short of the government's implied target of 20,000 per month.
Over the financial year, there were 185,844 dwellings approved, about 77 per cent of the target of 240,000.
As such, the housing shortage will continue to worsen before it gets better...but it will get better down the track on this evidence, looking at recent trends and as interest rates fall.
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In other news, Cotality reported that dwelling values rose by 0.6 per cent in July, increasing in every capital city and across much of regional Australia.
Source: Cotality
Darwin again recorded outsized price growth.
Rents also appear to have re-accelerated, rising 1.1 per cent over the past 3 months as rental vacancy rates hold near record lows.
You can read the full Coatlity report
here.
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