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Building approvals slumped in March, data from the ABS has revealed yesterday.
A total of 12,495 dwelling units were approved over the month, seasonally adjusted – a decrease of 0.7 per cent from March 2007 and 5.7 per cent from February 2008.
Speaking of the results, Master Builders Australia (MBA) chief executive Wilhelm Harnisch warned that there was now “an increased risk that the combination of official and bank rate increases will severely curtail the housing market over the remainder of the year and into 2009”.
The association will be looking to the Government’s May 13 budget to deliver policies that will fight inflation and put downward pressure on interest rates – to hopefully improve lagging homebuyer confidence.
Published: 02-05-08
