The Australian Bureau of Statistics reported a 6.5% seasonally adjusted decline in building approvals for June, maintaining a total of 13,237 approvals. This result aligns with market expectations after May's sharply revised increase to 5.7% from an initial 5.5% estimate.
Year-over-year, building approvals experienced a 3.7% drop. Specifically, private sector house approvals decreased by 0.5% month-on-month but rose by 11.0% compared to the previous year, totaling 9,078. Meanwhile, approvals for private sector dwellings, excluding houses, plummeted by 19.7% from the previous month and 22.1% year-over-year, settling at 3,918.
The total value of approved buildings was down by 7.0%, reaching A$12.06 billion after a modest 0.4% increase in May.
