Housing approvals still at record high
The ABS released housing approval statistics, which show that while apartment approvals have slowed down, houses continue to be approved at a rate of 10,000 units per month. This will lead to high level of completions and fit-outs. It is also reinforced by a record high value of house renovations. These numbers indicate a robust economy, but, at the same time, average house prices have dropped e.g. in Sydney by 2%.