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Building approvals fall

Building approvals fall

Building approvals have fallen except for within the private sector housing.

Building approvals fell during March, according to new figures from the Australian Bureau of Statistics (ABS).

It found that approvals dropped by 5.5 per cent during this time following a 3.1 per cent rise in the previous month.

As a result, trend estimates reduced by 1.2 per cent after having fallen for three months.

Nevertheless, private sector house approvals rose by 0.1 per cent and have been climbing for 14 months.

Although disappointed with overall results, Master Builders Australia believed that this was a good sign for this particular market.

Chief economist Peter Jones said: "One positive to take out of the figures is further, albeit weak, improvement in the number of house approvals."

This ongoing rise in housing approvals may be spurred by the rising interest in the Australian property market.

House prices have been rising for several months as more buyers have been keen to invest in this market.

Posted by Craig Francis

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