New-home approvals fell by 9.1 per cent in November, their lowest since August 2013. ABS data shows 15,465 homes (seasonally adjusted) were approved in November.
The drop was driven by multi-unit homes, which fell by 18.4 per cent.
Detached-home approvals dropped by 2.3 per cent.
It shows how much the credit squeeze is weighing on the sector.
The squeeze is happening at the behest of the banks’ own lending practices which have been tightened above and beyond APRA requirements.
HIA research has found the time taken for loan approval to build a new home has blown out from two weeks to more than two months.