The Australian Bureau of Statistics (ABS) released data showing that a record high 242,000 homes were under construction across the nation in the June quarter:
The total number of dwellings under construction reached a record high of 241,926 in June, an additional 0.7% increase from the record high in March of 240,156 dwellings. This increase was driven by private sector new houses, which have increased to record highs since March 2021, with 102,908 new private houses under construction in June 2022.
The result came after the total number of dwelling units commenced in Australia fell 2.7% over the quarter, with completions also down 6.3% and the real value of residential building work done diving 6.1%.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
