According to the latest data from the Australian Bureau of Statistics, dwelling approvals fell in June, both nationally and in Victoria.

In seasonally-adjusted terms, the total number of dwellings approved in Victoria in June fell by 24 per cent to 4908.  Approvals of multi-units fell by 43 per cent to 2195.  Approvals of houses, however, increased by 4 per cent to 2,713.  As a result, multi-units made up 45 per cent of total dwelling approvals compared with an unsustainable 60 per cent in May.

In the June quarter, total Australian home approvals fell by 4.4 per cent to a seasonally-adjusted 17,192: 17 per cent higher than a year earlier.

Victorian home approvals in June continued to exceed approvals in other states; but, at 4908, they were only slightly ahead of the 4840 approved in New South Wales.  In the year to June, at 67,289, they were ahead of the 57,509 approved in New South Wales and well ahead of Queensland’s 43,597.

The market nevertheless remains strong, with low interest rates and rising home prices continuing to encourage investors.