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National building approvals fell by a sharp 16 per cent during December from November to a seasonally adjusted 12,263 units, the ABS reported today.
While the number of approvals is only down 0.9 per cent on December 2006, it represents a disappointing fall from overall improved approvals over 2007.
“The so-called take-off in dwelling approvals looks like being aborted in a similar fashion to previous episodes experienced since the cycle troughed way back in 2004,” said Master Builders Australia (MBA) chief economist Peter Jones.
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“Another false dawn means the growing imbalance between residential building demand and supply has the potential to escalate to intractable levels.”
Published: 05-02-08
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