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New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals fell by 6.7% in June to be 48.9% higher over the year.
The fall was driven by detached houses, which tanked 11.8% in June whereas unit approvals rose 0.8%.
Units led approvals over the year, lifting a whopping 63.7% versus a 44.3% rise across the detached house market.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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