Further slowing in construction
Dwelling commencements dropped to a seasonally adjusted 42,448 in the June 2020 quarter, to be 8 per cent below a year earlier.
At the cyclical peak more than 60,000 dwellings were being kicked off in a single quarter.
New South Wales in particular has seen attached dwellings under construction drop from 68,772 to 48,513, for a decline of almost 30 per cent.
At the national level there are now 183,120 dwellings under construction, down by 21 per cent from the 2018 peak of 231,622 dwellings.
More and more projects are likely to be mothballed given the ongoing border closures.
Moreover, industry surveys suggest that existing projects are also being completed on a 'go-slow' basis.
The CBDs of all of the major capital cities are displaying high levels of rental vacancies, with only 4,000 expatriates per month being allowed to return to Australia.
The waiting list for expats registers as wanting to return but unable to secure travel has now ballooned to nearly 30,000, although it's believed the true number is likely to be much higher.
Thus if the regulations are eased somewhat the then supply issue could quite quickly be resolved, especially as international students are allowed to return.
28,000 expats have been flown home since March 13, according to DFAT figures.
