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1.Market Observations, 8.Was Sticky

31 July 2019 (AFR) – Building approvals slump to six-year low

(31 July 2019, AFR, p30, Michael Bleby, Senior Reporter)

Dwelling approvals... (ABS, AFR)

Dwelling approvals… (ABS, AFR)

‘New housing approvals slumped to a six-year low in the year to June as tighter curbs on lending and falling prices hit development activity and prompted economists to warn of risks to the wider economy and jobs from a sector that was likely to keep shrinking. Total approvals dropped one-fifth to 187,515 in the financial 2019 year, nearly one-fifth below the 232,915 total a year earlier, as approvals of both attached homes – apartments, townhouses and semi-detached dwellings – and of standalone houses also fell to a six-year low.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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