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First impressions: Australian dwelling approvals July 2019
Dwelling approvals recorded a sharp 9.7% drop in July coming against expectations that the stablisation evident in previous months would consolidate. The fall takes approvals to a 6½ year low down 28% on a year ago. As is often the case with big monthly moves, the fall was concentrated in unit approvals which posted a big 18% drop to be down 44%yr. The detail points to similarly sized monthly falls across both high rise and medium density units with a particularly weak read on high rise approvals in NSW. However, detached house approvals were also weak in the month with a 3.3% fall – a sizeable move for what is ... (full story)