RTTNews - Residential building approvals in Australia were down 3.9 percent on year in July, the Australian Bureau of Statistics said on Tuesday - better than forecasts that had called for a 9.1 percent annual decline following the 14.3 percent contraction in June.
On month, residential approvals were up a seasonally adjusted 7.7 percent versus expectations for a 3.3 percent gain after the 9.3 percent expansion in the previous month.
The seasonally adjusted estimate for private sector houses approved rose 1.5 percent and has risen for two months. The seasonally adjusted estimate for private sector other dwellings approved rose 35.3 percent and has risen for two months.
The seasonally adjusted estimate for the value of total building approved rose 5.7 percent in July.
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