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Building approvals were again weak in October and are expected to remain so for much of 2009.
Data released by the ABS yesterday showed total building approvals fell 5.4 per cent in October, seasonally adjusted, to be 26.1 per cent down on the previous year.
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Multi-units fell a sharp 11.1 per cent and are now down by 37 per cent on October 2007.
Master Builders chief economist Peter Jones said such weak building activity would continue into much of the new year.
“Stimulatory effects of the dramatic loosening of fiscal and monetary policy will take time to come through and soft conditions in the housing market can be expected over much of calendar 2009,” he said.
