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Building approval fall confirms need for stimulus, claims HIA

A fall in the number of houses being approved underlines the need for government action, the HIA has argued.
A fall in the number of Australian homes being approved has underlined the need for further rate cuts and government stimulus, according to the Housing Industry Association (HIA).

 

 

Building approvals have fallen for the third time in four months, indicating the uncertainty facing the property sector.

 

 

HIA chief economist Dr Harley Dale said the approval levels seen at the end of 2011 indicate they could fall to a level below those experienced during the global financial crisis.

 

 

This can be averted through rate cuts from the Reserve Bank of Australia and "government measures to both stimulate new home building activity and reignite action to address the high and inefficient tax base which applies to new housing", said Dr Dale.

 

 

Seasonally adjusted dwelling approvals fell by one per cent in the December quarter to be 24.5 per cent lower on a year-on-year basis.

 

 

The Real Estate Institute of Australia recently suggested boosting the First Home Owner Grant to help give a fillip to the market.
 

- building, approvals, stimulus, interest, rates, HIA

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