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eTradesman.com.au - Australia's Online Tradesman Directory

Unit Approvals Hit By Rate Rise

A big fall in dwelling approvals in August reveals the impact of higher interest rates, according to Master Builders Australia the peak body for the building and construction industry. Mr Peter Jones, MBA’s Chief Economist, said “The cautionary note here of course is that the figures do not yet fully reflect the impact of the latest rate rise in August that will keep conditions soft for some time yet.” He said, “The ABS figures reinforce findings from Master Builders Australia’s latest September quarter Survey which starkly portrayed the impact of the latest rate rises, with order books dropping markedly, sales contracts failing to meet expectations and display centre traffic-enquiries remaining weak.” “Inherent volatility in other dwellings (units and townhouses) was confirmed once again, with several states experiencing a sharp drop in unit approvals over the month although NSW spiked higher.” Mr Jones said “Other dwelling approvals fell by 16 per cent during 2005-06 and continuing interest rate speculation will further deter investors, increasing the gap in available rental stock and forcing up rents.” “The total number of dwelling units approved, seasonally adjusted, fell by 12.6 per cent to 12,432 units in August, to be 2.1 per cent higher than the same month in the previous year.” “Private sector house approvals rose by 1.1 per cent to 8,952, to be up 7.5 per cent on the same month last year.” “The more volatile private sector ‘other dwellings’ (apartments and townhouses), fell by 36.9 per cent in August, to be 9.1 per cent lower than in August 2005.” “The value of non-residential building approvals rose 16.6 per cent in the quarter ended August compared to the corresponding quarter a year ago.” Master Builders Association Media Release<-i>
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