ABS building approval figures released today showed private sector housing approvals rose for the sixth consecutive month

ABS building approval figures released today showed private sector housing approvals rose for the sixth consecutive month. Housing approvals were up 4.4% in the year leading to June. Long-term trends showed an almost 10% rise in detached housing which was offset by a 6.4% slump in other dwellings approved, such as apartments. The increases reflect successive interest rate cuts from the RBA towards the end of 2012 and a 0.25 percentage point cut in May, to an all-time low of 2.75%. However, there was a drop in the seasonally adjusted figures, down almost 7% compared to May and down 13% in the same period last year. For more detail on the figures, see: (VIEW LINK)