Building approvals plummet 9.7% in July

The number of building approvals dropped by an unexpectedly large 9.7 per cent in July, falling for the fourth time in five months.

Approvals for private sector houses fell 3.3 per cent on a seasonally adjusted basis, but the “other dwellings” category that includes apartment blocks and townhouses fell a dramatic 18.4 per cent.

Market consensus had been for the number approvals to remain flat.

Over the 12 months to July, total building approvals for dwellings fell by 28.5 per cent, the Australian Bureau of Statistics said on Friday.

AAP

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