The ABS released its Building Approvals data for the month of December 2014, with residential approvals on a trend basis hitting record levels

The ABS released its Building Approvals data for the month of December 2014, with residential approvals on a trend basis hitting record levels. On a rolling annual basis building approvals hit record highs, driven largely by the units and apartments sector (of which more than 85,000 were approved in the calendar year). The residential construction boom is clearly set to go harder and for longer than had been expected. With so much new stock building sold to investors, and particularly offshore, a number of residential markets are unbalanced, most notably in Greater Melbourne but also elsewhere. I take a look at the data here. (VIEW LINK)