Approvals slide continues
Private dwelling approvals continued to decline to the lowest level in 8 years at just 12,213 in seasonally adjusted terms in June.
Unit approvals were down 31 per cent year-on-year at just 3,782 for the private sector, with what little strength there is remaining only in Greater Melbourne (itself now an oversupplied sub-sector).
New houses are expected to see a bounce in the second half of 2020, driven by government stimulus, and Melbourne was leading the way here too.
Unfortunately Melbourne saw a fresh high in new COVID-19 cases today, which will prolong the recession in the state of Victoria and stymie the recovery.
Total building approvals across all sectors declined to the lowest level since the beginning of the last cycle, back in 2012.
Annual building approvals have declined from a peak of 233,000 to around 170,000.
New supply will now largely be driven by stimulus packages, with first homebuyers stepping into the market.
