Building Approvals Data Confirms Softening Housing Market
Master Builders Australia’s CEO, Wilhelm Harnisch, has confirmed that the housing market is beginning to decelerate. “The May 2016 building approval dates are consistent with the view that the new housing market is at its peak and is set to slow down” he said. “Nevertheless, the total number of dwelling units approved will see a solid pipeline of work for the remainder of the 2016 calendar year.”
“Approvals for private sector houses remain resilient bolstered by continuing low mortgage interest rates,” Wilhelm Harnisch said, however “approvals for private houses remain steady but with a significant drop in apartment approvals falling by 11.3%.”
Article reported on the Master Builders Australia website on 4 July 2016.