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

Housing Weakness Continues

The large fall in dwelling approvals in March reflects volatility in the unit and apartment market as housing weakness continues according to Master Builders Australia, the peak body for the building and construction industry. Mr Peter Jones, MBA’s Chief Economist, said “The sharp fall in February approvals reflects a reversal of last month’s spike in the volatile unit and apartment sector as a number of large projects were approved.” “Looking through the monthly volatility the trend in approvals is likely to remain weak in the short term as the fallout from last year’s rate rises continue to impact negatively.” He said “Reduced interest rate speculation should enable a recovery to gain traction later in the year.” “This would be good news given that many parts of Australia are currently underbuilding relative to population needs.” He said “Approvals of other dwellings (units and townhouses) will also begin to pick up but only when investors can factor in higher rental income and improved prospects for capital gain.” “The total number of dwelling units approved, seasonally adjusted, fell by 11.4 per cent to 11,752 units in March, to be 9.6 per cent lower than the same month in the previous year.” “Private sector house approvals rose by 0.1 per cent to 8,422, to be down 1.3 per cent on the same month last year.” “The more volatile private sector ‘other dwellings’ (apartments and townhouses), fell by 27.0 per cent in March, to be 29.2 per cent lower than in March 2006.” Source - Master Builders Association<-i>
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