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New home approvals reach five year low in Australia

January 09, 2019 / Diwa Hopkins

New home approvals in Australia fell to a five year low towards the end of last year with property experts blaming tightened lending from banks. Overall new home approvals fell by 9.1% with multi-unit homes down by 18.4% and detached home approvals down by a more modest 2.3% in November, according to the figures from the Australian Bureau of Statistics (ABS).