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The November spike in home approvals may not reflect the true position of the market, the Australian Financial Review reported today.
The 8.9 per cent jump in national dwelling approvals has prompted words of caution from some analysts who believe the figures give a false view of the state of the market.
Chief economist with Lehman Brothers Stephen Roberts told to the Australian Financial Review that some of the homes approved reflected submissions made as far back as July – and that the combined effects of rate rises and the global credit crunch was likely to stem dwelling construction activity in 2008.
Others though have taken the news as a positive sign for the struggling housing market.
“For the first time in three years the number of approvals can finally be described as above normal… we believe there is light at the end of the tunnel for the beleaguered home building industry,” said CommSec chief equities economist Craig James.
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