New home approvals fall to weakest in four years

According to The Australian Financial Review, new housing approvals fell to their lowest in four years over the 2023 calendar year, as the fastest interest rate-tightening cycle in a generation cut buyers’ ability to borrow at the same time as construction costs soared.
A 7.7 per cent monthly decline in June pulled the yearly total of new home approvals to 175,790, the weakest since June 2020, with a 13.8 per cent year-on-year decline in detached house approvals to 106,958 and a 10.5 per cent slide in attached homes to 68,831, the Australian Bureau of Statistics said.

https://www.afr.com/property/residential/new-home-approvals-fall-to-weakest-in-four-years-20230801-p5dszs