Building approvals fell in July following a dramatic rise in the previous month, according to seasonally adjusted data released this week by the Australian Bureau of Statistics (ABS).
The new figures show that the total number of homes approved fell 8.2 per cent in July, driven by a 22.3 per cent fall in multi-unit dwellings, which had risen 33.5 per cent in the previous month.
The less volatile house approval sector rose 1.1 per cent, after a 1.9 per cent fall in June. The result is 0.3 per cent higher than one year ago.
New South Wales and Western Australia had the strongest rise in standalone house approvals, with both states up 3 per cent. Victoria gained 1.3 per cent, rising for a fourth consecutive month. South Australia was the only state to record a fall, down 6.1 per cent.
The number of approvals to build multi-unit dwellings fell 22.3 per cent (to 5,943 dwellings). This followed a 33.5 per cent rise in June, which was the highest result since December 2022.
The value of total residential building fell 1.6 per cent to $9.43 billion, driven by a 2.1 per cent fall in new residential building to $8.18 billion.
The value of approved residential alterations and additions, on the other hand, reached a new all-time high in July, up 1.9 per cent to $1.25 billion.