Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Building approvals better but not enough

Staff Reporter 1 minute read

Building approvals improved slightly in January this year, ABS data has revealed.

Total dwelling approvals for the month rose to 13,166 – 1.9 per cent more than in December 2007.

While a slight increase, Master Builders chief economist Peter Jones said the figure highlighted the significant shortage of new building developments and said Australia seems destined to experience such a shortage for some time.

“The latest data show national approvals running at an annual rate of 158,000, whereas at least 190,000 per annum are required simply to meet underlying demand, with another 20,000 needed on top of that (annually) to make up for the existing shortfall,” he said.

To adequately cater for the country’s housing needs, Mr Jones said approvals would have to sit around 210,000 for at least five years consecutively. The latest interest rate rises however are decreasing any chances of that happening, he said.

Published: 10-03-08

Building approvals better but not enough
default
TheAdviser logo
default

 

more from the adviser
parliament Proposed BID extension delayed

The Treasurer has told The Adviser that government will delay fi...

house sold Victorian home buyers make a comeback

Mortgage commitments for owner-occupiers in Melbourne surged in N...

warning Home owners scammed by ‘ruthless criminals’

The WA government has issued a warning surrounding a new scam tha...

FROM THE WEB