New data released today by the Australian Bureau of Statistics (ABS) shows that dwelling approvals rebounded by 9.9% in May but were down 20.9% year-on-year. The rebound was driven by unit approvals, which surged 32.0%, whereas house approvals fell 2.7%. Over the year, houses approvals fell 29.5% whereas unit approvals fell 5.4%. The next chart,
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