Building approvals throughout Australia
were again weak in October and are
expected to remain so for much of 2009.
Yesterday’s data released by the ABS showed
total building approvals fell 5.4% in October,
and when seasonally adjusted, 26.1% down
on the previous year.
Multi-units fell a sharp 11.1% and
are now down by 37% on October 2007.
Master Builder’s chief economist Peter Jones
predicted such weak building activity would
follow through into much of the new year.
“Stimulatory effects of the dramatic
loosening of fiscal and monetary policy
will take time to come through and
soft conditions in the housing market
can be expected over much of calendar 2009,”
Peter Jones said.
