Well, yes OK, if you say so. But it was still the second strongest result ever recorded, sending building approvals on a rolling annual basis rocketing to a never before seen 205,929.
It's notable that house approvals seem to have tiptoed past their cyclical peak in rolling annual terms, but unit approvals are up very strongly by 36 per cent on an (highly unreliable) seasonally adjusted year-on-year basis and 9 per cent on a (much more reliable) rolling annual basis.
Supply is set to get way ahead of underlying demand in this sector leading to capital losses for many of the buyers of today's new apartment stock.
And while I'm hardly one for dishing out unsolicited investment advice...ahem...don't panic Mr. Mainwaring!