August home approvals up 7.0%; prospects “still look mixed at best”

03 October 2023

 

Home approval numbers up 7.0% in August, above expectations; 22.9% lower than August 2022; Westpac: underlying picture a gradual up-trend from weak level; Westpac: prospects for dwelling approvals still look mixed at best; house approvals up 6.0%, apartments up 8.8%; non-residential approvals up 1.5% in dollar terms, residential alterations down 2.4%. Building approvals for dwellings, that is apartments and houses, headed south after mid-2018. As an indicator of investor confidence,...

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