Your 10-second guide to today's Australian building approvals report

Construction of apartments in Melbourne’s CBD. Photo: Getty Images

The ABS will release its building approvals report for June today, a volatile, yet closely-watched release given the need for residential building activity to remain strong in the midst of Australia’s unwinding mining boom.

Here’s the state of play.

  • The report measures the number and value of houses, units and non-residential dwellings approved each month.
  • In May total building approvals rose to 19,414, an increase of 2.37% on April. From a year earlier total approvals increased by 25,881, or 13.44%, to 218,442.
  • Unit approvals have soared in recent months. In May there were 10,039 units approved, an increase of 15.15% on April. The total number of units approved over the past year has surged to 102,756, up 21.8% on May 2014.
  • Over the same period housing approvals increase by 6.9% to 115,686.
  • In the past six months unit approvals outnumbered those for housing by 58,467 to 58,147.
  • Over the past year the value of residential building approvals has been $64.751 billion, the highest level on record. From a year earlier it’s increased by 14.9%.
  • While a far smaller component, the total value of non-residential approvals over the same period fell by 11.5% to $29.052 billion.

The release is scheduled to hit at 11.30am AEST. Business Insider will have full coverage as soon as the data drops.

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