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Housing approvals fall further than expected

ABS figures show less housing is being built in Australia than had been forecast.

Dwelling approvals have hit a two-year nadir, suggesting Australian property investment is remaining flat despite recent rate cuts.

 

 

The latest figures from the Australian Bureau of Statistics (ABS) show that approvals in the September quarter slumped 6.8 per cent from the June quarter, with a total of 35,672 units going ahead.

 

 

Over the course of the year up to September, the approvals rate fell by a seasonally adjusted 11.5 per cent.

 

 

CommSec economist Savanth Sebastian told the AAP the ABS data showed a housing sector stuck in a rut, with potential homebuyers unwilling to get involved with the market because of the current economic climate.

 

 

He conceded that recent rate cuts from the Reserve Bank of Australia could act as a catalyst and said "resurgence in housing activity will be needed to support broader economic growth over the coming year".

 

 

Australians for Affordable Housing recently called for government measures to deal with housing stress in Perth, urging action to "fix our broken housing system".

 

 

Posted by Craig Francis

- property, building, rates, interest, affordability, housing, ABS, approvals

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