Building approvals breaking all manner of records

The latest Building Approvals figures from the ABS showed that the residential construction boom is set to break all manner of records. Rolling annual approvals have soared to more than 218,000, by far and away the strongest cycle we have seen. In particular units and apartments have driven this boom forward as in no preceding cycle. Melbourne in particular is clearly overbuilding units and apartments which brings systemic risk to that market, while May also set a new record for the highest level of high rise stock ever approved. The good news for employment and the economy is that at more than $65 billion over the past year, there has never been a level of resi jobs approved at anywhere close to this level. Further analysis here: (VIEW LINK)