Building approvals plunge, worsening housing crunch

Private sector dwellings, excluding houses, fell 8.1% to 5,408, after falling more than 22% in July. Still, the figures are up 16.3%, year-over-year. Daniel Rossi, head of construction statistics at ABS, said approvals for apartments and townhouses was the main driver for the decline — with apartment approvals down 33.4% to 2,704, the lowest levels in 12 months. Approvals for townhouses, meanwhile, fell 19.1% to 2,424. Private sector houses also fell, down 2.6% to 9,027 in August, after a slight rise in July. Annually, private sector houses are down 3.5%.