Approvals down
Building approvals fell -3.6 per cent to a seasonally adjusted 17,687 in July.
House approvals were solid in Perth and Brisbane, and pretty steady elsewhere.
The one bright spot for attached dwelling approvals remains south-east Queensland.
Sydney looks set for an acute housing shortage as this cycle progresses, especially given insolvencies in the development sector.
Overall, this was a solid result, though whether all of the approvals turn into actual dwelling completions is a different story.
Over the past year, around 205,000 dwellings have been approved.
Since the introduction of the Housing Accord, building approvals are running about 20 per cent below the government's implied target of 20,000 per month.
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In other news, Cotality
reported housing prices as down by -0.9 per cent in August.
Source: Cotality
The largest declines have generally been seen in the higher price points, with houses in Sydney seeing a year-to-date decline of -7.7 per cent, and houses in Melbourne down -7.5 per cent.
Cotality reported that new listings are running -8.2 per cent below the 5-year average, with new listings in Sydney -14 per cent below average.
Rents continued to rise, up by 0.4 per cent over the month and by 5.7 per cent over the year to August (and 39 per cent over the past 5 years).
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