Approvals slaughtered by Omicron
Building approvals crashed 28 per cent lower in January, on a seasonally adjusted basis, to 12,916.
House approvals fell 18 per cent in the month, and unit approvals plunged 44 per cent.
This was a big drop, but in reality half of Australia was either on holiday or had COVID in January, so not much was really getting done anywhere.
Going forward, expect to see a more gentle easing.
Sydney saw the approval of only 1,189 units in the month, and Melbourne only 963, so there wasn't much else to drive the monthly total.
The Brisbane market remains very strong, and development is likely to pick up.
The rolling annual charts present a more realistic picture.
House approvals are rolling over everywhere, as the HomeBuilder stimulus fades.
We're seeing some very strong increases in rents around the country already, with more to come in 2022 as immigration and mobility picks up.
