Approvals set to recover
Building approvals of 14,500 were slightly improved in November.
House approvals have really struggled post-Homebuilder stimulus.
The shining lights here are likely to be Melbourne, which has some huge master-planned projects on the way, and Perth, which is suffering from a chronic shortage of homes on the market in the face of booming population growth.
Overall, house approvals have remained at around decade lows, of around 8,500 per month.
Source: HIA
Piecing it together, it looks as though the nadir for building approvals in this cycle was seen around March 2023.
Whether or not these projects are delivered on a timely basis is another question entirely, and this isn't only an Australia problem for the struggling construction sector.
One of the UK's largest homebuilders went bust yesterday, for example, with hundreds of jobs to go.
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