Australia?s total dwellings approved plunged 17.2% in July, in the face of interest rate hikes and the surging cost of building materials.
The sharp decline was led by a lack of approvals for apartments, with a 43.5% fall.
House approvals remained steady, rising 0.7% in July.
Western Australia saw the biggest drop in the number of dwelling approvals ? down 36.9 per cent whereas South Australia was the only state to record a gain - up 19.2%.
So what can we expect to happen in the industry?
Well with some major banks predicting house prices to fall by as much as 20% the next year as the RBA raises interest rates to tame inflation - we could see demand soften and a drop off in the construction of new homes and buildings.