Approvals crunch continues
A look through the building approvals figures in 45 seconds.
Unit and townhouse approvals have crashed nearly 40 per cent lower year-on-year, driven by Sydney, Melbourne, and to a somewhat lesser extent, Brisbane.
June was the lowest month for attached dwelling approvals in Sydney in more than six years.
The annual total for house approvals was also well down across Sydney (-13 per cent), Melbourne (-12 per cent), and Brisbane (-21 per cent).
And the month of June also rounded out the lowest ever year for public sector approvals, with the government effectively bowing out of providing new accommodation altogether, at least in terms of net additions.
Piecing it all together dwelling approvals were down 26 per cent over the financial year to about 14,300 in June, in seasonally adjusted terms.
Annual approvals have thus fallen from 239,000 in FY2016 to just 187,000 in FY2019.
These things always work with a long lag time, but once the existing glut of dwellings is cleared down there will be shortage of rental accommodation in the major capitals.
There's also much less stock on the market now in Sydney in particular, making life tricky for prospective buyers.
Source: CoreLogic
