Home building approvals dipped in September for the first time in six months, with approvals down 4.3 percent on July. However the 15,025 dwellings approved were still 60 percent higher than a year earlier when the building industry was at the height of its post-GST gloom.
The Housing Industry Association says the figures were largely expected following the slowing in new home lending and new home sales in recent months and the result shows the industry is now at a more sustainable level compared to the previous 12 months.
“Although conditions remain very affordable for prospective new home owners with interest rates at 30 year lows, and new home prices remaining stable,” says Ruth Morschel, the HIA’s director of public affairs and policy. “Buying conditions remain very affordable for prospective new home owners with interest rates at 30 year lows. And new home prices remaining stable. The extension of the new home grant has also ensured that the industry will contribute to economic growth and provide jobs well into next year.”
On a state by state basis, seasonally adjusted falls were recorded in Victoria - down 19.7 percent; Queensland - down 11.6 percent and Western Australia - down 3.7 percent. However strong rises were recorded in Tasmania and New South Wales, up 21 percent and 19.8 percent respectively. South Australia had a modest rise of 2.4 percent.