Building approvals fell another 8% in July: ABS

The news: Australian dwelling approvals continued to slide in July, falling 8.1% compared to 7.9% in June, seasonally adjusted.

The numbers: Most states recorded a drop in total dwelling approvals, led by Victoria (-18.3%), Queensland (-5.5%), Western Australia (-5.2%) and NSW (-4.7%). The value of total building approvals fell 16.9% after a 7.2% increase in June. The value of non-residential building decreased 27.8%, effectively wiping out June's gains, while the value of new residential building fell 5.1%

The context: A continued slump in building approvals could push property and rental prices higher, as the existing housing supply and the building pipeline in capital cities struggle to keep up with demand.