The Australian Bureau of Statistics (ABS) housing approval data for July shows that the housing market in NSW is flat, says the Urban Taskforce
“Apartment approvals for July for NSW are at 3,286 in trend terms which is slightly below the April figure of 3,321,” says Urban Taskforce CEO, Chris Johnson “The July housing approvals were at 2,438 in trend terms which is slightly above the January figure of 2,317. Overall the NSW housing approval results for July continue the trends over recent months.”
“The Australia wide figures for housing approvals are not as strong as the NSW results indicating a general slow-down in approvals. This is driven partly by banks become tighter in their lending and a slowing in foreign investment due to new levies on their ability to purchase new homes.”
“It will be important that governments at all levels do not over react to the strong housing market by adding more regulation or levies that could slow supply down.”
“The ABS data also measures the monthly expenditure on non-residential construction with NSW posting a strong result of $1,282,351,000 although the smaller state of Victoria exceeded this with $1,343,977,000 of non-residential construction.”
“Clearly NSW and Victoria are leading the country in their strong residential performance and non-residential construction but the flattening of the results is not a good sign for the future.”
