Analysts at TDS point out that new building approvals in Australia fell by 3.2%/m in May, versus 0% consensus and the decline was driven by a sharp fall in approvals for new houses, which fell by 8.6%/m.
Key Quotes
“That left annual growth for house approvals at -1.2%/yr. In contrast apartment approvals rose 4.3%/m, with annual apartment approvals +9.1%/yr. The sharp fall in house approvals may be an indicator that new approvals are beginning to slow as property prices ease in Sydney and Melbourne.”
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