Building approvals fall for sixth straight month
Declines across all states, except Tasmania and WA.
The total number of dwelling approvals fell 2.9% in November 2016, marking the sixth consecutive month of decline, according to the latest data.
The Australian Bureau of Statistics (ABS) reports building approvals decreased in the Northern Territory (-5%) NSW (-4.3%), Queensland (-3.9%), ACT (-3.4%) Victoria (-2.5%) and South Australia (-1.1%).
Tasmania remained flat and the only state or territory where approvals rose was Western Australia (1.9%).
The continued slump in dwelling approvals mirrored a slight fall in approvals for private sector houses, down 0.4% month-on-month in November.
The value of total buildings approved fell 2.6% in November, marking the fourth straight month of decline.
Residential building values fell 2.8% in November, while non-residential values fell 2.3% month-on-month.
New research suggests house prices will keep rising throughout 2017 before grinding to a halt in 2018.
To capitalise, Aussie banks kicked off the year by hiking variable home loan rates.
Banks enjoyed moderate monthly rises in the value of both owner-occupied loans and housing investment in November, while credit card debt increased, according to the latest data.
Buying a home or investment property? It pays to compare and research your finance options.
- Now’s a good time to consider an investment property in regional Australia
- Australia’s top FOMO suburbs: the once-cheap suburbs now worth a ton
- Renters could face tough market in future
- Virgin Money breaks with rivals by cutting interest-only mortgage rates
- How first home buyers are getting into the market (and how you can too)