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Dwelling approvals continue downward slide

by Staff Reporter7 minute read
The Adviser

Dwelling approvals continued to fall in June and are expected to flat line for the period ahead, data released by the ABS yesterday revealed.

The total number of dwelling approvals for June stood at 12,237, seasonally adjusted,

This was 0.7 per cent down from May 2008 and a drop of 7.8 per cent from June last year.

Other dwelling approvals (units and townhouses) in June 2008 were especially low compared to June last year, having fallen by 22 per cent.

Master Builders Australia chief economist Peter Jones said activity in the sector would remain suppressed for some time.

“Housing will continue to face strong headwinds as the lagged effect of high interest rates and declining consumer confidence flow through,” he said.

Published: 31-07-08

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