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Building approvals down in May

Staff Reporter 1 minute read

Dwelling approvals suffered a significant 6.5 per cent fall in May, seasonally adjusted, ABS figures revealed yesterday.

Other dwelling building approvals dropped most considerably to 3,401– 18.2 per cent down on April.

Master Builders chief economist Peter Jones warned that any recovery in building activity was unlikely to happen any time soon.

“Even if recent signals from the Reserve Bank that interest rates are on hold prove accurate, it will take time for consumer sentiment to turn around and underpin the strong and sustained recovery needed to alleviate what has become a chronic shortage of housing,” Mr Jones said.

Published: 03-07-08

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