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MBA highlights approvals downturn

Building approvals fell sharply during October.

Master Builders Australia (MBA) has claimed the latest figures from the Australian Bureau of Statistics (ABS) concerning building approvals across the country highlight a stall in the sector's recovery.

The ABS revealed a seasonally-adjusted 7.6 per cent downturn for approvals during October, with the number of residential apartment builds down by 18 per cent.

As a result, MBA chief executive Wilhelm Harnisch said the news is further confirmation of the shaky confidence which both homebuyers and developers have in the Australian property sector at present.

He commented: "It puts at jeopardy the Reserve Bank of Australia's statements that the housing sector can fill the void lifting the Australian economy following from the resources boom, certainly in 2013."

Meanwhile, figures from RP Data recently revealed an upturn in average property prices across the country during the three months to the end of September - a second consecutive quarter of gains for the industry.

Posted by Craig Francis

- MBA, building, construction, approvals

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