Yesterday, the Australian Bureau of Statistics (ABS) released its dwelling approvals data for September, which revealed that dwelling approvals nationally have crashed by 35% in trend terms from the March 2015 peak, driven by a mammoth 54% decline in unit and apartment approvals:
Today, I want to focus on the high-rise apartment segment, which is driving the bust and is also the subject of deep concerns around quality.
The next chart shows the picture at the national level in annual terms, which shows that high-rise apartment approvals have crashed by 51% since peaking in October 2015:
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