Australia?s total dwellings approved plunged 17.2% in July, in the face of interest rate hikes and the high cost of materials.
Approvals for apartments dropped by 43.5% over the month to the lowest level since January 2012, according to the ABS.
Approvals for private sector houses remained steady, rising 0.7% in July after a 1.6% increase in June.
Western Australia saw the biggest drop in the number of dwelling approvals ? down 36.9% whereas South Australia recorded a 19.2% rise in dwelling approvals.
The figures come amid speculation property prices could fall sharply over the next year as the RBA raises interest rates to cool down the economy and temper inflation.