Apartment surge a ‘good start’ to offset housing slowdown

According to The Australian Financial Review, new apartment construction leapt in the March quarter, with economists calling it a good start that had to increase further to offset the slowdown in house-building and boost Australia’s overall supply of new homes.
A 56 per cent jump in starts of units, townhouses and semi-detached homes lifted the quarterly total from a seasonally adjusted 12,782 in the December quarter to 19,981 – the highest quarterly total since September 2021, official figures on Wednesday showed.
There was an element of catch-up in the numbers, which have declined in each of the previous six quarters since Q3 2021, but the turnaround contrasted with commencements of new detached houses, which fell for a seventh straight quarter, down 5.5 per cent to 26,265.

https://www.afr.com/property/residential/apartment-surge-a-good-start-to-offset-housing-slowdown-20230712-p5dnqy