Approvals slower in July
Detached house approvals have been flat over the past year, with momentum easing in most capital cities.
Attached dwelling approvals - such as units and townhouses - are highly volatile and dropped back by -22 per cent in July.
But looking through the noise have generally been recovering over the past year in all of the main capital cities.
Piecing it together, seasonally adjusted approvals fell by -8 per cent for the month to 15,769, but have been trending higher in the attached dwelling segment, to be about 13 per cent higher than a year earlier.
Over the past 12 months, there have been about 188,700 dwellings approved.
Obviously we're tracking well behind the government's implied target of 20,000 per month, with about 78 per cent over that figure approved cumulatively since 1 July.
That said, there is a pretty decent pipeline of dwellings already under construction - it's just taking a devilishly long time to complete them.
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The early indicators for GDP growth in the June quarter were somewhat mixed, with inventories likely to subtract -0.4 percentage points from GDP growth, perhaps meaning some downside risks to GDP growth forecasts for the quarter.
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