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Building approvals dive

Discussion in 'New and Emerging Property Markets' started by zanis, Jan 12, 2009.

  1. zanis

    zanis New Member

    And more bad news... or is it?

    Building approvals dive

    Posted Mon Dec 4, 2006 12:02pm AEDT

    There has been a slump in the number of building approvals granted in October.

    The Australian Bureau of Statistics (ABS) says approvals for both houses and units fell 7.4 per cent, seasonally adjusted, compared to the previous month.

    The value of new residential building also dropped more than 8 per cent to $2.6 billion.

    There were also fewer renovations and alterations in October.

    Economists say the latest figures indicate another slowdown in the housing industry.

    TD Securities economist Stephen Koukoulas says the fall will impact on economic growth.

    "One of the key leading indicators for the economy tends to be the level of new housing construction, so if we get this trend continuing for the next couple of months then I guess we'd be a little concerned that bottom line GDP growth in Australia will be undermined by what is a sluggish level of construction activity and housing," he said.
     
  2. zanis

    zanis New Member

    Stamp duty costing three months' wages

    Gee I wonder if Stamp Duty has a part to play in this??

    NOTE: cannot post source to news yet :(

    Cheers

    Marc
     
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