Housing starts plunge to decade lows

Supply plunger

Some fairly woeful figures from the ABS today, with dwelling starts dropping by more than 10 per cent to 37,000 in the September 2023 quarter, which was the lowest quarterly level since all the way back in 2012. 

The pipeline of construction remains elevated; but still only 44,000 completions were mustered in the September quarter. 

The number of houses under construction peaked at a record, stimulus-driven 105,000 in March 2023, and by September last year this figure had dropped to around 97,000. 

This notionally leaves around 231,000 dwellings under construction. 

The number of dwellings approved but not yet commenced is also rising again, up to 34,500, driven by a lift in New South Wales. 

Overall, conditions are not currently commensurate with strength in housing construction, with costs and interest rates too high, and lending settings too tight. 

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Online job ads held up at 261,000 in December, according to Aussie government figures. 

Source: Jobs and Skills Australia

Looking head, Jobs & Skills Australia is less clear how well things will hold up in 2024, with demand weakening of late. 

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