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Building approvals fall for 11th consecutive months

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T oday’s building approvals figures show continued downward trend o f activity in the housing __ market. Building approvals fell 1.9 percent (seasonally adjusted) in July, This com pares to a fall o f 5.7 percent in June

President o f REIA, Gary Taplin, said that although this figure indicates a modest slowing o f the rate o f decline, it is not clear that the market had bottom ed out,

“W elcome as any indication o f a turnaround in the housing sector is, these figures are no cause for celebration yet, RE1A needs to assess future months' finance approval figures and early anecdotal evidence from the industry to Identify any forward indications o f a change in the market before heralding that the worst might be Over.

“Confidence levels are still poor amongst both potential hom e-buyers and sellers. Until positive signs emerge o f a settling in economic policy settings, we may see a delay in returns to previous levels o f activity.

“ Australians are worried about their houses, They are concerned that property values have frozen. They are especially concerned about the potential for any further interest rate increase. The public needs reassurance from the Government that house ownership retains its favoured position and is not exposed or sacrificed to the buffeting effect s o f broader econom ic policies.

“In the meantime the Government could do much to settle fears over the future o f Australian housing by hastening its long overdue Housing Statem ent,” M r Taplin said.

F o r m ore inform ation: Keith Conley Policy and Public Affairs 06 282 4277 (w )

Re a l E s t a t e I n s t i t u t e o f A u s t r a l i a Lt d


PO Box 234 Curtin ACT 2f>05; Real Estate House 16 Tlwsiyer Court Deakln ACT 2600 Tel: 0 1 6 2II2 4277 Fax: 61 6 285 2444 AC IN 0011 652 567