Home building approvals remain around decade lows

HIA Senior Economist Tom Devitt reveals to Clinton, “building approvals for new homes remained relatively flat in April, falling by 0.3 per cent from already-depressed levels,”  He notes a slight decrease of 0.3% in building approvals for new homes in April, with a 1.1% rise in multi-unit approvals offset by a 1.0% decline in detached housing approvals. Mr Devitt highlights that these low approval rates do not indicate a swift recovery from the weakest new home commencements in over a decade, despite record population growth and housing shortages expected to persist, while urging policymakers to address tax, planning, land, and regulatory constraints to meet housing targets and tackle the housing crisis. In seasonally adjusted terms, approvals increased in Western Australia and Victoria but declined in Queensland, Tasmania, South Australia, and the Northern Territory.See omnystudio.com/listener for privacy information.