While most other industrialized nations are publishing bullish housing data, Australia appears to be signaling a contraction in its housing market. Yesterday it was a report from the Housing Industry Association (HIA) which revealed an 8.7% decline in new home sales for June. Today it is the level of building approvals.
The report, released by the Australian Bureau of Statistics this morning at 2:30 GMT, underscored a decline in the month-on-month issuance of building approvals by approximately 3.5%. Forecasts were expecting a 2.6% expansion in building permits from last month’s decline of over 6%.
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