Australian building approvals fell 7.7 per cent in June 2023, following a 20.5 per cent May rise, with high-density approvals down 21 per cent. UDIA national president Max Shifman said the figures signalled a bleak 18 months and housing pain ahead, and welcomed the Reserve Bank's rate pause.
As I told The Property Tribune: “Interest rates and rising costs have had an overwhelming impact on these dismal housing figures and the announcement today by the Reserve Bank to keep the finger on the pause button as interest rates bite hard into Australians’ finances, is a sensible decision, particularly as owner-occupier lending is down 20%, and investor lending is down 15% since last June”
I also said: “This data is the canary in the coal mine for Australian housing. We continue going backwards each year, with a shortfall of at least 21,000 market houses and 45,000 affordable/social houses expected this year. The industry will deliver 20% less housing than we did last year”
The Property Tribune, 1 August 2023 — Read the full article