Approvals rebound
The number of units and apartments approved rebounded in September, mainly thanks to Sydney (2,853) and Melbourne (2,521), with a helping hand from Brisbane (1,171).
We're well through the cycle lows for unit approvals now in all five of the largest capital cities.
Detached house approvals remain flat and directionless, running at around 9,500 per month.
September saw a total of around 17,000 approvals on a seasonally adjusted basis, which was close to the highest result in three years.
That said, this did come off the back of two weaker months, so the 48,000 approvals over the third quarter, was almost exactly the same as the 48,000 approved in Q2.
Over the year, there were 193,000 approvals, continuing a steady recovery.
Since the commencement of the government's target of 1.2 million homes in 5 years there's been around 237,000 dwellings approved over the course of 15 months, versus the implied target of 300,000 (thus running at about 79 per cent of the target level).
Overall, this was a considerably brighter month than what was seen in July and August, but still the quarterly total of 48,000 was far lower than desired.
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In other news, ANZ-Indeed's job ads index fell by another -2.2 per cent in October, following a very similar monthly -2.1 per cent decline in September.
The index has fallen for 6 of the past 7 months, and is down by -7.4 per cent over the year, driven lately by declines in Victoria and Queensland.
This seems to suggest that while hiring has been seasonally solid recently, there could be rising unemployment ahead given the rapid rate of population growth in Australia.
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