Building approvals soften in Queensland

first_imgGary Day owner of Brisbane Builders and Renovators at work on an extension at Brookfield: Photo Drew/FitzgibbonQueensland saw an overall decrease of 5.9 per cent in building approvals last year — the worst result for a mainland jurisdiction apart from the Northern Territory.Comparing the December 2016 quarter to the December 2015 quarter, there was also decline in national approval 14.2 per cent.Despite these numbers, Housing Industry Association (HIA) says the retraction has been only modest given numbers are coming off record highs.The Association said while building approvals peaked nationally in October 2015, they’ve remained strong since.More from newsMould, age, not enough to stop 17 bidders fighting for this home2 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor8 hours ago“Australia’s latest new home construction cycle, for which building approvals formed a very accurate lead indicator, is the longest and largest in the nation’s history.”While the numbers remain highs, detailed analysis reveals not all sectors are in parallel.“As the down cycle in building approvals intensifies, ‘High density’ dwellings are expected to carry the burden of the deceleration.“Detached and semi-detached dwellings are likely to fare better in a relative sense.”The HIA also remain bullish about national approvals in 2017.“Overall, we retain our long held outlook for continued healthy levels of new home construction in 2016/17, and to a lesser extent in calendar year 2017.”last_img

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