HIA: Approvals decline delays recovery

by Caroline Dann31 Aug 2012

The Housing Industry Association (HIA) claims building approvals fell sharply in July, which it says spells bad news for the non-mining sectors of the economy.

It showed a 40.4% drop in approvals for ‘other dwellings’ which include detached houses, semi-detached dwellings and units of three storeys.
“[There’s] still no sign of a widespread recovery in new housing, and in its own right, [these] approvals update take us in the wrong direction,” said Harley Dale, chief economist with the HIA.
“Indeed, the three new housing updates available to date for July all signal a further deterioration in new housing into 2012/13.”
In seasonally adjusted terms, Victoria fared the worst with a 29.4% drop, followed by Queensland at 19.7%.
ACT was the only state to see any improvement, at 4.4% growth.