Home approvals drop another 8.1% in July; “stabilising somewhat”

30 August 2023

 

Summary: Home approval numbers down 8.1% in July, under expectations; 10.6% lower than July 2022; Westpac: “stabilising somewhat”; Westpac: approvals at very low level by historical standards; house approvals down 0.1%, apartments down 19.9%; non-residential approvals down 27.8% in dollar terms, residential alterations down 4.4%. Building approvals for dwellings, that is apartments and houses, headed south after mid-2018. As an indicator of investor confidence, falling approvals had presented a worrying...

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