Australia’s building approvals fall in June – worse than expectations

FXStreet (Mumbai) – Building approvals in June suffered their largest monthly fall since September 2014, led down by a major drop in the volatile high density dwellings category.

As reported by Australian Bureau of Statistics (ABS), approvals for the construction of new homes fell 8.2% in June, which was worse than market expectations of a 0.9% fall. Over the 12 months to June, building approvals were up 8.6%.

Approvals for private sector houses rose 4.3% in the month, and the ‘other dwellings’ category, which includes apartment blocks and townhouses, was down 20.4%.

Building approvals in June suffered their largest monthly fall since September 2014, led down by a major drop in the volatile high density dwellings category.

(Market News Provided by FXstreet)