๐๐ผ๐บ๐ฒ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐๐ฝ๐ฝ๐ฟ๐ผ๐๐ฎ๐น๐ ๐ณ๐ฎ๐น๐น ๐ฒ% ๐๐ฒ๐ฎ๐ฟ-๐ผ๐ป-๐๐ฒ๐ฎ๐ฟ
There's been a further decline in the number of new homes that are scheduled for construction, casting further doubt on the federal government's housing target.
A total of 13,225 residential building approvals (in โtrendโ terms) were issued in January, according to the latest data from the Australian Bureau of Statistics. That was 2.1% lower than the month before and 6.0% lower than the year before.
Approvals for houses fell 2.1% month-on-month and 5.1% year-on-year, while approvals for other dwellings fell 0.2% in monthly terms and 6.1% in annual terms (see graph).
Starting in July 2024, the government is aiming to facilitate the building of 1.2 million new homes over five years. This is a key affordability measure, because more supply means less demand, which in turn puts downward pressure on property prices.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick and Wayne at Sonam Capital are your Subiaco finance specialists.
