The latest Australian Bureau of Statistics (ABS) figures show a continued struggle for approvals in the private Australian homes market, leading a number of industry figures to express their concern over the data.
Although the number of private houses approved increased by 1.6 per cent, residential apartments endured a drop of 40.5 per cent.
Wilheim Harnisch, Master Builders Australia (MBA) chief executive, said that the figures were especially troubling given the recent rate cuts made by the central bank.
"Builders continue to report that new home buyer confidence remains poor and is a key factor holding up a recovery for the housing industry," he added.
Mr Harnisch suggested that the Australian property sector's importance to the economy is at threat if these bad results continue.
Westpac chief economist Bill Evans, writing in Property Observer, recently argued that the Reserve Bank of Australia needs to lower its rates.
