The residential building approvals data from the ABS for June show another steep decline. Approvals fell 4.9% m/m (seasonally adjusted) which takes the year-on-year decline to 15.8%. House approvals are down 6.4% for the year while units are off 30.2%.
In Queensland total approvals fell 10.9% m/m and are now down 17.3% for the year. House approvals were down sharply registering a 21.2% year-on-year drop while units are down 9.8% y/y.