Aussie Building Permits Plunge After Prices Plummet Most In 35 Years

Original post

Aussie dollar dropped and popped in early trading after building approvals plunged 9.1% MoM to a 32.8% YoY drop – the biggest decline since Jan 2009 (and dramatically below expectations).

This devastating indictment of the economy down under comes after aussie house prices tumbled at the fastest rate in 35 years, increasing the likelihood of a disorderly market correction and economic recession, according to global investment bank Morgan Stanley.

As AFR’s Duncan Hughes reports, in the last three months of 2018 Sydney property prices fell by 15 per

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