Australia’s softening housing market continued its weakness in November, with year-end approvals down 3.9% compared with a year earlier. Of immediate importance is that monthly approvals for November were 31.3% lower than in November 2017, totalling 16,059 approvals for the month. Source: IndustryEdge for Timberbiz
Compared with a year ago, all housing formats experienced declining approvals in November, with none spared the pain.
Approvals of Houses were 7.4% lower than a year earlier at 10,084 dwellings, while monthly approvals of the volatile 4+ Storey Flats were 66.0% lower than in November 2017, falling to 2950 separate approvals.
The only annualised approvals still displaying any growth, as the table below shows, are free-standing houses. They too will shortly turn to the year-on-year negative.
The chart below shows monthly dwelling approvals by type.
The final dataset shows that Australia’s annualised dwelling approvals growth is not in any way evenly distributed across the country.
Every month, IndustryEdge publishes Wood Market Edge, Australia’s only forestry and wood products market and trade analysis, and supplies its customers with hundreds of unique data products, advisory and consulting services.
Find out more at www.industryedge.com.au
