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)
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