Login
iscover
The latest building approvals data from the ABS indicate that a slight expansion occurred during the month of January, but according to one industry association they are set to decline during the rest of 2017.
The Housing Industry Association said new dwelling approvals grew during the first month of 2017, supported by stronger activity on the multi-unit side, but that they have been falling back over the past year and are set to decline further during 2017.
HIA senior economist Shane Garrett said this is particularly due to a reduced inflow of new multi-unit projects.
The ABS stats reveal that total dwelling approvals increased by 1.8 per cent during the month, the result of a 6.6 per cent expansion in multi-unit approvals set off against a fall-off in detached house approvals of 2.2 per cent.
The latest HIA forecasts indicate that new dwelling starts are likely to contract by 11.8 per cent in 2017 and by 13.4 per cent during 2018.
“New dwelling starts are likely to bottom out at around 174,000 per year,” Mr Garrett said.
During the month of January 2017, total seasonally-adjusted new home building approvals experienced the largest increase in NSW (24.0 per cent), followed by Tasmania (6.6 per cent), South Australia (6.5 per cent) and Western Australia (3.5 per cent).
During the month, new dwelling approvals saw the biggest fall in Queensland (11.9 per cent) followed by Victoria (5.3 per cent).
In trend terms, approvals experienced a 2.2 per cent decline in the Northern Territory with a reduction of 19.3 per cent in the ACT.
You are not authorised to post comments.
Comments will undergo moderation before they get published.