Building approvals suffer a setback

Building approvals pullback

The 3 largest cities saw more than 6,500 attached dwellings approved in September, but this number dropped all the way back to under 3,900 in October.

It's a volatile data series, of course, but it looks as though the annual figures have lost just a bit of their recent momentum.

House approvals were very solid in Perth, but not so much elsewhere. 

Overall, seasonally adjusted dwelling approvals fell -6.4 per cent to 15,832 in October, and even appear to be trending lower again, against expectations. 

Over the year, about 192,000 dwellings were approved, although the pipeline remains fairly sizeable. 

Since 1 July 2024, approvals are cumulatively only running at around 79 per cent of the government's implied target (i.e. if 1.2 million new homes in five years is the goal). 

Overall, these were somewhat disappointing numbers, to dampen some of the recent enthusiasm for new housing supply. 

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