Building Approvals Slow

There was a steady decline in the amount of new residential construction that was approved during 2022, according to the latest data from the Australian Bureau of Statistics.

A total of 188,765 home building approvals were issued in 2022, compared to 226,629 the year before – a reduction of 16.7%.

Although approval numbers jumped around throughout 2022 – higher in some months, lower in others – the clear trend was down.

Much of the decline between 2021 and 2022 was the expected consequence of the end of the HomeBuilder grant in 2021,” Housing Industry Association chief economist Tim Reardon said.
“The market was also cooling as the cost of construction rose, and the change in consumer preferences due to the pandemic desire for space, eroded.”

Mr Reardon said builders are still working through a “significant pipeline of work”, and that the slowdown in building approval numbers “will not hit building activity on the ground until late 2023”.


Read More

Banks to provide data on property investors to ATO

ATO orders banks to provide data on property investors. Property investors have been put on notice, after the Australian Taxation Office (ATO) said it would scrutinise their tax returns in an attempt to claw back an estimated $1.3 billion in missing taxes. The ATO told The Guardian that it would use “formal information gathering powers” …

Refinance Activity Strong

Refinancing activity keeps going from strength to strength. The home loan refinancing boom, which has lasted for two years and counting, has reached record levels. Refinancing activity has dramatically increased during that time from $13.7 billion worth in February 2021 to $16.2 billion in February 2022 and, now, according to the latest Australian Bureau of …

April Property Market Update

The property downturn may be over. Australian property prices rose 0.6% in March, according to CoreLogic – the first monthly increase since April 2022. But while prices increased at a national level, and in Sydney, Melbourne, Perth and Brisbane as well, they did decline in the four smaller capitals. CoreLogic’s research director, Tim Lawless, said …

    Start a chat
    with Brett today!