Hous­ing boom on the floor

Townsville Bulletin - - NEWS -

BUILD­ING ap­provals for new homes have fallen for the sec­ond time in three months, in­di­cat­ing a cool­ing down in Aus­tralia’s res­i­den­tial hous­ing boom. Ap­provals for the con­struc­tion of new homes fell 5.6 per cent in May, data from the Aus­tralian Bureau of Sta­tis­tics showed yes­ter­day.

Over the 12 months to May, build­ing ap­provals were down 19.7 per cent. The de­cline was far higher than mar­ket ex­pec­ta­tions of a 1.3 per cent fall in May and a 14.1 per cent de­cline over the pre­vi­ous year.

CBA se­nior econ­o­mist Gareth Aird said the num­bers sig­nalled a soft­en­ing in the hous­ing mar­ket.

“The data reaf­firms our view that res­i­den­tial con­struc­tion will be a drag on eco­nomic ac­tiv­ity from the sec­ond half of 2017,” he said.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.