The latest ABS data for dwelling approvals was released this week with Melbourne the only city showing positive growth in approvals for the 12 months to the end of April, as compared to the previous 12 month period. Melbourne was up just 0.5% however Sydney is down 9.3%, Brisbane down 17% and Perth down 14%. The story for Apartment approvals is much pronounced with Sydney down 13%, Brisbane down 36%, Perth down 17%, whilst Melbourne was down just 1.5%. The charts to the right show the monthly approvals for each city and clearly demonstrate the deterioration in dwelling approvals across the markets, other than for Melbourne which has maintained a relatively high number of approvals, being support by the higher population growth of the state.
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