Aussie building approvals at 4 year low

Source: Xinhua| 2019-01-09 14:08:25|Editor: Lu Hui
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SYDNEY, Jan. 9 (Xinhua) -- November 2018 saw the lowest number of building development approvals in Australia since the beginning of 2015, according to figures released on Wednesday, with the biggest slow down being in residential units.

According the Australian Bureau of Statistics (ABS), total dwellings fell by 9.1 percent to 15,465, after seasonal adjustment.

"The trend for total dwellings has been steadily declining over the past twelve months," ABS director of construction statistics Justin Lockhurst said.

"The series is now 18.3 percent lower than at the same time last year."

Driving the decline was a drop in approvals for private sector dwelling such as townhouses and apartments (excluding houses) which fell by 5 percent, with seasonal adjustment that is a 17.9 percent decrease.

Australia's housing market is experiencing a downturn which experts say is behind the change.

"Builders, unsurprisingly, are less keen to add to the residential pipeline in an environment of falling prices in Sydney and Melbourne," NAB economist Kaixin Owyong said.

"These data are consistent with business conditions in the construction sector declining from late 2017 peaks."