Building approvals fall across the country as labour and materials costs bite
Data from the Australian Bureau of Statistics paints a grim picture for an industry under pressure
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Building approvals fell almost 6 percent and the value of total building fell almost 7 percent in September, data from the Australian Bureau of Statistics reveals.
Data just released shows 16,455 dwelling units were approved over the month, representing a seasonally adjusted drop of -5.8 percent, compared with a 23.1 percent increase in August. Within that September figure, 9,628 were private sector houses, indicating a -7.8 percent reduction. This compares with a 4.8 percent increase in August.
Across the states, South Australia experienced the greatest decline, down -19.7 percent, followed by Tasmania (-10.8%), Western Australia (-9.3%), New South Wales (-8.8%), and Queensland (-6.2%), in seasonally adjusted terms. Victoria was the only state to see an increase in approvals, up 3.4 percent.
High building costs for both materials and labour continue to cause problems for the building industry, while consecutive interest rate hikes designed to curb inflation have impacted on the real estate market, with lower auction clearance rates in recent weeks an indicator of a cooling market.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
