National dwelling approvals fall further with NSW hit hardest

National dwelling approvals fall further with NSW hit hardest
National dwelling approvals fall further with NSW hit hardest

Dwelling approvals showed a further weakening in June, reaching an 8 year low.

Total dwelling approvals fell 4.9% to be down nearly 20% over the last two months.

The detail showed weakness in the month was more broadly based than May’s unit driven fall.

Private sector unit approvals declined 5.3% mth to be down 23.4% qtr for Q2 as a whole.

Private sector detached house approvals posted a similar sized 5.7% decline in the June month but were more resilient for the quarter as a whole, down just 2.6% qtr.

On a monthly basis, all segments are down materially on a year ago.

All states recorded declines, although they were more pronounced in NSW (–14.8%), WA (–11.7%) and Qld (–10.9%), and more muted in SA (–4.6%) and Vic (–0.2%).

All states have seen double digit declines over May-June.

Tags: 
NSW Dwelling Approvals

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