Dwelling construction was significantly delayed in mid-2022 due to the combined shortages of labour and materials, and the number of new dwellings under construction remained resolutely high until September at around 243,500.
Although attached dwellings under construction eased in the two most heavily populated states, south-east Queensland did see in an increase in much-needed supply due for completion.
New dwellings starts are another matter entirely, plunging to 45,000 in the third quarter of 2022, down by more than 21 per cent from a year ago and a long way down from the stimulus peak of 67,000.
This is going to fall way short of the record-high supply of housing needed over the next decade.
Dwellings approved but not yet commenced were essentially flat at around 30,000.
The wrap
Overall, building activity was set to remain strong for some time to come back in September last year, with a very large supply of dwellings under construction.
The bigger picture is that housing starts were already beginning to crash even before interest rates were hikes in July, August, September, October, November, and December.
As immigration hits a record high this year there's gotta be some serious questions asked about the lack of housing supply.
The 3-year bond yield dropped all the way back down to just 3.05 per cent tonight - now lower than the current cash rate target.
