The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
8
print
Print
ResidentialDinah Lewis BoucherTue 03 Dec 19

Residential Approvals Fall for Two Years Straight

a10226af-b2e7-4d80-bbab-1cbbf0fe549e

The recent recovery in national housing prices is yet to flow through to new building approvals, after approvals recorded a fall of 8.1 per cent in October, reveals the latest Australian Bureau of Statistics figures.

New dwelling approvals fell by 8.1 per cent from September to 13, 049, according to the seasonally-adjusted figures, driven by a 11.3 per cent drop in private dwellings such as apartments and townhouses.

The ABS stats, which covers all states and territories, shows private sector houses dropped 7 per cent from September, seasonally-adjusted.

Victoria and New South Wales both saw monthly approvals for houses fall to their weakest level since 2013 and 2014, BIS economist Maree Kilroy said.

“As expected, all eastern seaboard states saw a weaker detached house result, with the continued leg down in greenfield land sale volumes coming through in the October data,” Kilroy said.

Despite the recent recovery in residential property prices, BIS does not expect an upturn in approvals until the June quarter next year.

▲ The decline in total new approvals for the year to October widened to 23.6 per cent, according to ABS figures.


HIA economist Angela Lillicrap said that recent government policy announcements in Western Australia had quickly transferred to more approvals.

“As demonstrated by a 35.5 per cent increase in multi-unit dwellings for the three months to October.

Lillicrap says that this should flow through to more work on the ground in 2020.

Amid the slowing sector, Property Council of Australia chief executive Ken Morrison said the October result “demands a response from all levels of government”.

“While a lot of attention is being paid to the recent recovery in housing prices, the story with the big impact on jobs and GDP is the continued decline in housing approvals,” Morrison said.

“As the ABS notes, this was the 23rd month where dwelling approvals had fallen.

“It’s also a flashing warning light for the future housing affordability, especially in our largest cities.”

ResidentialAustraliaConstructionConstructionSector
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
The city with Australia’s highest parking rates, and cheapest public transport fares, is also proving our best performin…
LATEST
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/falling-housing-approvals