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Australian property market needs more homes

Fewer properties on the market can mean prices are pushed higher time and again.
The Australian property sector will once again need to address one of the most common issues that it comes across in the months ahead, after it was revealed that house building approvals have fallen.

Low stock of housing is one of the most common reasons given for the property sector seeing spiralling prices, but as shown at the end of 2013, this can be addressed by a rise in building.

In the latest report released by the Australian Bureau of Statistics, the number of homes approved for building in February fell by five per cent.

This was compared to a strong start to the year, wherein housing approvals climbed by some 6.9 per cent in January alone.

The main states where there had been a drop in approvals were Queensland, New South Wales and Victoria.

However, it was not all bad news throughout February, as the number of green lights handed to builders in South Australia and Western Australia were on the rise. 

Posted by Ravin Chatlani

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