Building approvals and home values falling at a record pace, with more to come

 Australian building approvals fell for a third straight month at the end of 2022, with Australian Bureau of Statistics (ABS) data revealing the number of houses and apartments planned in November were almost half the record achieved in March 2021 at the height of the pandemic.

The data release coincides with the latest Corelogic research which also shows home values falling nationally at a record-breaking pace in the past eight months due to rising interest rates, albeit from significant highs. 

The ABS data reveals dwelling approvals fell 9 per cent seasonally adjusted in November, accelerating the 5.6 per cent drop recorded in October.

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