Australia's home building market is showing signs of stress due to rising interest rates and the cost of materials, with building approvals falling 5.8 per cent in September.
Australia’s home building market is showing signs of stress due to rising interest rates and the cost of materials, with building approvals falling 5.8 per cent in September.
Sky News Business Editor Ross Greenwood said the number of private sector houses approved dropped by 7.8 per cent during the September period. “And this is really troubling because the Master Builders Association indicates that we need around 200,000 new homes each year,” Mr Greenwood said. “In the budget of course there’s the expectation of more migrants coming in who will need to be housed so this causes a real problem.”
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