Building approval data released by the ABS shows weak construction activity has persisted into the second half of the year, putting further pressure on housing affordability.
Total building approvals decreased by 3.7 per cent in August, seasonally adjusted, the figures showed yesterday. This was an 8.6 per cent decline from August last year.
HIA chief economist Harley Dale said it was a “concerning situation” that the country was facing record population growth at the same time as declining building activity.
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“Unless building activity increases to meet rising demand get ready for 15 per cent plus growth in private rents and a growth in the number on public housing waiting lists,” he said.
Published: 01-10-09
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