Housing Approvals Drop to 11-Year Low in Australia

Master Builders Australia said 163,100 new homes received approval across Australia in the year to February 2024, the lowest rate in 11 years.

Workers are seen on a building site in Sydney, Australia, on Jan. 11, 2024. Jenny Evans/Getty Images

Australia’s housing approvals have fallen to an 11-year low despite high demand, adding pressure to the housing market.

New data from the Australian Bureau of Statistics (ABS) showed that dwelling approvals dropped 1.9 percent in February 2024, following a one percent slip in January and a 9.5 percent drop in December 2023.