High density housing approvals fall in February
Master Builders Australia CEO has called on the Federal Government to put an end to further interest rate rises to relieve pressure on renters and first homebuyers
Master Builders Australia CEO has called on the Federal Government to put an end to further interest rate rises to relieve pressure on renters and first homebuyers
Falling building approvals for higher density dwellings is contributing to the rental crisis, chief economist at Master Builders Australia said today.
Shane Garrett’s comments follow the release of Australian Bureau of Statistic data showing high density approvals had fallen by -9.5 percent during February. He said declining approvals in this sector will put further pressure on renters, as well as first homebuyers.
“The volume of new approvals on the higher density side is now at its lowest in over a decade,” Mr Garrett said. “The output of new higher density homes has been depressed since before the pandemic.
“Inadequate volumes of new supply are contributing to growing difficulties in our rental market. Rents are currently rising at their fastest pace in over a decade.”
Master Builders Australia CEO Denita Wawn said the Federal Government needed to take ‘necessary steps’ to ensure there were no further interest rate rises.
“There is no silver bullet; this will take a concerted effort by all levels of government working in collaboration with industry,” said Ms Wawn.
The seasonally adjusted falls in February are part of a downward trend in the high density sector, which has seen a -45.9 percent drop over the year. This compares with a 11.3 percent uptick in approvals for private sector housing, seasonally adjusted. This sector is down -13.6 percent of the yearly period.
Tasmania recorded the highest increase in overall approvals, up 122.1 percent in February, followed by South Australia at 28.5 percent, NSW (14.0 percent), and Victoria (8.5 percent), while Queensland (-13.7 percent) and Western Australia (-6.4 percent) decreased. Approvals for private sector houses rose in all states.
Automobili Lamborghini and Babolat have expanded their collaboration with five new colourways for the ultra-exclusive BL.001 racket, limited to just 50 pieces worldwide.
As housing drives wealth and policy debate, the real risk is an economy hooked on growth without productivity to sustain it.
Italian wines are emerging as a serious contender for Australian collectors, offering depth, rarity and value as French benchmarks continue to climb.
ABC Bullion has launched a pioneering investment product that allows Australians to draw regular cashflow from their precious metal holdings.
A divide has opened in the tech job market between those with artificial-intelligence skills and everyone else.