National building approvals fell by a sharp 16 per cent during December from November to a seasonally adjusted 12,263 units, the ABS reported today.
While the number of approvals is only down 0.9 per cent on December 2006, it represents a disappointing fall from overall improved approvals over 2007.
“The so-called take-off in dwelling approvals looks like being aborted in a similar fashion to previous episodes experienced since the cycle troughed way back in 2004,” said Master Builders Australia (MBA) chief economist Peter Jones.
“Another false dawn means the growing imbalance between residential building demand and supply has the potential to escalate to intractable levels.”
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