Building approvals remained sluggish through February, with softer than expected results indicating a worsening of the weak run of new housing construction in recent months.
Australia’s chronic housing shortage showed no sign of abating through February, with just 12,520 new homes signed off for construction.
While data for housing permits can be exceptionally volatile from month to month, and later subject to large revisions, home construction rates have trended sharply lower since their peak in March 2021, plunging more than 45 per cent. Despite the overall monthly decrease, the result was buoyed by an uptick in permits issued for detached dwellings, which rose 10.7 per cent to 8404.
The anaemic reading for new housing permits is especially pressing given that from July 1, the government’s target to build 1.2 million well-located homes over five years begins, requiring the construction of 240,000 homes on a year-ended basis.The housing sector is being closely watched by economists as evidence that the RBA’s aggressive run of interest rate hikes to a 12-year high of 4.35 per cent is flowing through the economy and slowing consumption as intended.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Grim money issue 9 million Aussies haveAlmost half of Australia can’t change a tyre, but it’s not due to a lack of mechanical know-how.
Read more »
‘Really frightening’: number of Aussies not getting enough sleep revealed‘Really frightening’: number of Aussies not getting enough sleep revealed
Read more »
Millions of Australians looking for a second job as cost of living crisis continuesThe new data shows the pressure lies heaviest on two groups of Aussies in particular.
Read more »
Aussies punished for crash they didn’t causeAustralia’s dream of a SailGP championship four-peat is in trouble after the all conquering team was docked penalty points for an incident that wasn’t even their fault.
Read more »
Millions of Aussies set for a huge cash boost from minimum wage rise7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Dire warning for Aussies heading overseas for medical treatmentsAustralians thinking about saving money by heading overseas to undergo medical procedures have been issued a warning by the federal government.
Read more »