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Residential dwelling approvals drop
The average number of residential dwellings approved for construction nationally fell in September, new statistics show.
RP Data reported that the total number of approved dwellings dropped by 13.6 per cent.
The non-house category, including apartments and semi-detached residences, had the largest fall, with a drop in September of 32 per cent.
In August, non-house approvals increased by 28 per cent.
“That doesn’t create much hope for new home starts over the coming 6 to 12 months,” said RP Data research analyst Tim Lawless.
Victoria was the only state where approvals were above the ten year average.
“Whether we see a supply response in the dwelling approval figures is yet to be seen,” Mr Lawless said. “However, considering the more timely nature of the approvals data compared with demographic updates, an upswing in approvals and dwelling construction doesn’t yet seem to be on the cards.”
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