The oft-discussed apartment oversupply appears to be coming to a head. Two important pieces of forward-looking ABS data have been released this week and the results are not encouraging. Yesterday’s building approvals saw a massive 24.8% fall in approvals for units month-on-month – though the seasonally adjusted figures can be very noisy. The smoother ‘Trend’ data, showed a 6.4% drop month-on-month, and 11% year-on-year. The ‘Trend’ data has been heading south for nearly six months now.