While this is a historically high number for Sydney the level of approvals in August 2014 is now only at around half the level of the rampant approvals peak seen in September 2013 and the annual trend is now rolling over and is set to head back below 20,000 over the course of the next 9-12 months.
In the absence of interest rate hikes it appears doubtful that this will have much effect on the market. One gets the strong sense that the RBA would rather see the market rebalance of its own accord rather than meddle too much in conjunction with APRA.
Although it shows only as a blip on the chart below stock on market in Darwin has increased by 26 percent over the past year. After a blistering decade of price growth the Top End may finally be faltering. As a former resident, I can say that I love Darwin but the property market is an oddball.