Australian dwelling approvals declined 6.1% in August, particularly in apartment approvals.
Australia's dwelling approvals dropped 6.1% in August to 13,991, reversing July's 11% rise. The decline, mainly in apartment approvals, affected all states, with New South Wales and South Australia seeing 11.5% decreases. Only 1,200 apartments in larger blocks were approved compared to 2,500 in July. The Property Council cited slow planning and high taxes as key issues. In contrast, private house approvals increased by 0.5%.
October 01, 2024
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