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ISCOVER
Staff Reporter
Australia’s property outlook remains uninspiring, the Housing Industry Association has claimed.
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According to new data from the Australian Bureau of Statistics, building approvals for the other dwellings sector fell by 21 per cent in May.
But it wasn’t just the ‘other dwelling’ sector that experienced a fall.
“Notwithstanding that the ‘other dwellings’ component is notoriously volatile, today’s total level of building approvals is the lowest monthly result since June 2009 and is yet another indicator that home building levels in Australia have further to fall from an already floundering level,” HIA economist Andrew Harvey said.
In terms of the May quarter, total building approvals are down by 15.3 per cent on the commensurate quarter one year earlier, comprising a 15.6 per cent fall in detached house approvals and a 14.8 per cent fall in other dwellings approvals.
“The concerning aspect of today’s soft update on Australia’s residential building industry is the fact that detached house approvals remain at such low levels. Despite being up by 1.2 per cent in the month of May, detached approvals are down by 3.4 per cent in the May quarter and down by 12.7 per cent on the same month one year earlier, meaning that the downwards trend in detached home building will only continue,” Mr Harvey said.
