The ABS released its Building Approvals data which showed a big rebound in unit and apartment approvals

The ABS released its Building Approvals data which showed a big rebound in unit and apartment approvals. The monthly data showed the second highest value of building approvals on record in October 2014 at more than $4.96 billion, and the greatest number of capital city dwelling unit approvals ever recorded in a single month in Australia. Although largely a units and apartments story, in keeping with the key theme of this market cycle, the release suggests that the residential construction boom has some way to run, with rolling annual approvals now again tracking at above 197,500. However, the detailed data also reveals further systemic risk to the housing market, particularly in Greater Melbourne where a looming oversupply of high-rise stock continues to gather pace. The widely assumed oversupply risk in Sydney continues to recede. (VIEW LINK)