More gloom for the housing market as building approvals slump further

New building approvals slump The latest ABS figures show that Unit and townhouse approvals have crashed nearly 40 per cent lower year-on-year, driven by Sydney, Melbourne, and to a somewhat lesser.

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A fast-growing economy fired up the real estate market after almost a year-and-a-half of property gloom, with prices touching the pre. coupled with increased focus by developers on building.

Confidence in Australia’s housing markets has leapt in the last few months with most property commentators forecasting property values will finish the year off higher than they are today. Buyers are back making plans, looking at properties and approaching their lenders for finance. They are buoyed by falling interest rates and the prospect of more [.]

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Building approvals of new apartments dropped to their lowest in more than five years in November, as investors retreated and developers scaled back new plans in the face of tighter credit curbs.

ABS figures showed home lending fell 3.7 per cent in March against market. cause for its gloom because fewer pipes cracked. But last week Rob Sindel from building products group CSR noted that,

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More than $150 billion has been wiped off the value of Australian homes over the last six months, while the Reserve Bank has all but confirmed further cuts to interest rates.. The official Australian house price figures, released by the ABS on Tuesday, show Sydney and Melbourne driving the slump, with Melbourne recording its first quarterly price fall in seven years.

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New building approvals slump. The latest ABS figures show that Unit and townhouse approvals have crashed nearly 40 per cent lower year-on-year, driven by Sydney, Melbourne, and to a somewhat lesser extent, Brisbane. June was the lowest month for attached dwelling approvals in Sydney in more than six years.

In this release, revisions are provided for the time period from July 2017 to May 2019 and include revisions resulting from the building approvals annual Review. Further information about the Annual Review and other potential sources of revisions can be found in the feature article released with the January 2016 8731.0 publication – "Revisions.