June home approvals down; apartments drop after May spike

Summary: Home approval numbers down 7.7% in June, in line with expectations; 18.0% lower than June 2022; Westpac: dwelling approvals tracking a flattening underlying trend at weak levels; house approvals down 0.8%, apartments down 16.2%; non-residential approvals up 7.6% in dollar terms, residential alterations down 0.3%. 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...

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