Australia sees a drop in housing approvals

Font size :
Approvals for the construction of new homes have seen their sharpest fall in seven months.
 
The 4.4% figure for April was much worse than market expectations, but were up 16.6% for the 12 months to April, Yahoo! News said in its report.
 
The Australian Bureau of Statistics (ABS) also said approvals for private sector houses went up 4.7% in April, while 'other dwellings' such as apartment blocks and townhouses dipped 15%.
 
"I don't think there's anything significant in the result, the Reserve Bank will be comfortable there's plenty of building work being done," , Commsec economist Savanth Sebastian was quoted as saying.
 
He suspects that tighter lending restrictions may also have been a small drag on building approvals, adding that it may take one or two months of weakness before the sector bounces back.
 
"Banks are certainly being more responsible in terms of their lending policies, and I think that's showing up in the house price data as well," he said.
 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Sep 21, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords