Advertisement
New data from the Australian Bureau of Statistics (ABS) shows that dwelling approvals tanked by 8.6% in July but were still up 21.5% year-on-year.
The falls were broad-based with detached house approvals down 5.8% and unit approvals down 12.3%.
Houses led approvals over the year, lifting 28.0% versus a 12.4% rise across the unit market.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.