House approvals are rising as rates go up

Dwellings approved over the past 12 months ('000) against the RBA cash rate, 2018 to 2026. Data as at September 2026 (approvals).

Quick answer

In the 2022–23 hikes, house approvals fell by a third, from a HomeBuilder-boosted 153,300 a year to 102,400. This cycle they have risen 10% since December 2025 to 125,700, the most since early 2022, while townhouse and apartment approvals have held near 83,000.

House approvals are rising as rates go up: Dwellings approved over the past 12 months ('000) against the RBA cash rate, 2018 to 2026
The data (35 quarters)
QuarterHousesTownhouses and apartmentsCash rate (%)
Sep qtr 2026125.7k82.5k4.60%
Jun qtr 2026121.9k83.7k4.35%
Mar qtr 2026116.8k82.8k4.10%
Dec qtr 2025113.8k83.1k3.60%
Sep qtr 2025112.6k81.1k3.60%
Jun qtr 2025112.5k75.4k3.85%
Mar qtr 2025112.5k69.7k4.10%
Dec qtr 2024111.2k63.1k4.35%
Sep qtr 2024109.6k59.6k4.35%
Jun qtr 2024105.8k58.5k4.35%
Mar qtr 2024102.4k61.9k4.35%
Dec qtr 2023102.4k62.0k4.35%
Sep qtr 2023103.1k66.0k4.10%
Jun qtr 2023107.2k70.7k4.10%
Mar qtr 2023111.7k72.8k3.60%
Dec qtr 2022114.9k76.7k3.10%
Sep qtr 2022119.1k75.0k2.35%
Jun qtr 2022124.8k77.5k0.85%
Mar qtr 2022137.1k79.0k0.10%
Dec qtr 2021148.9k80.1k0.10%
Sep qtr 2021153.3k79.5k0.10%
Jun qtr 2021147.7k74.2k0.10%
Mar qtr 2021133.9k68.0k0.10%
Dec qtr 2020119.6k67.8k0.10%
Sep qtr 2020109.2k69.4k0.25%
Jun qtr 2020105.5k69.0k0.25%
Mar qtr 2020104.5k71.6k0.25%
Dec qtr 2019104.8k71.9k0.75%
Sep qtr 2019107.8k70.2k1.00%
Jun qtr 2019111.7k76.0k1.25%
Mar qtr 2019117.0k83.3k1.50%
Dec qtr 2018120.4k91.1k1.50%
Sep qtr 2018121.9k103.2k1.50%
Jun qtr 2018123.0k109.2k1.50%
Mar qtr 2018121.3k108.5k1.50%

Shaded: rate-hiking periods. Rolling 12-month totals of original approvals at quarter end; townhouses and apartments are the ABS series for dwellings excluding houses. Cash rate at quarter end (4.85% from 4 November 2026). Source: ABS Building Approvals; RBA cash rate target. Data as at September 2026 (approvals).

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