The number of Australian home building permits fell in July from June led by renewed weakness in approvals for apartments.
Approvals to build or renovate houses and apartments declined 1.7% in July from June, the Australian Bureau of Statistics said Wednesday.
In June, approvals rose by 11.7%.
Approvals in July fell 13.9% from a year earlier, the statistician said.
Permits to build houses were unchanged from a month earlier, while approvals for apartments fell 6.7%.
While diverse in character from region to region, Australia's housing market is showing signs of being oversupplied in some key markets, especially in the area of apartments.
A building boom has been underway in the apartment space for some time as Australians have made as shift toward more high rise living, closer to central business districts.
A drop in new apartment sales in July contributed to a continuing decline in Australian new-home sales, according to the Housing Industry Association released on Tuesday.
Amid a 16% slide in multi-unit sales, volumes declined 3.7% from June--adding to a steady drop since new-home sales peaked 2 years ago.
The HIA data showed affordability is an issue, coming amid many warnings that stellar price gains in recent years had become unsustainable.
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(END) Dow Jones Newswires
August 29, 2017 21:50 ET (01:50 GMT)