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Tight credit conditions 'preventing housing industry from flourishing'

The Australian property industry could flourish if it were not for tight credit conditions and certain other factors, the Housing Industry Association has claimed.

Tight credit conditions are among the reasons why the Australian property industry is not flourishing as it could.

 

 

This is according to Andrew Harvey, senior economist at the Housing Industry Association.

 

 

He said that "higher interest rates, an inequitable tax burden and a range of supply-side obstacles" are also putting the housing industry under strain.

 

 

Mr Harvey went on to say that the government needs to reform the housing supply process.

 

 

His comments follow the publication of the Australian Bureau Statistics' report on building approvals in Australia in April.

 

 

"In terms of the jurisdictions, we've seen a bit of a recovery in Queensland in April where approvals are up by 29.2 per cent after the weather-affected weak outcomes in February and March," explained Mr Harvey.

 

 

Earlier this month, the Insurance Council of Australia revealed that insurance firms in Australia had been helping those in the country to recover from the Queensland floods and Cyclone Yasi by paying out over $3.6 billion (£2.4 billion).

 

 

Posted by Ravin Chatlani 

- property, credit, banks, tax, housing

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