Housing construction in freefall

Figures released from the ABS today show new home approvals are continuing to plummet. Despite Real Estate bodies sounding like a broken record that we have a shortage of houses and hence it is different here, only 10,700 homes were approved in October. This is a fall of 5.4% for the month and a 26% fall for the year.

Private sector house approvals saw a drop of 20.4% for the year, while other dwellings approvals including apartment and units plunged 38.8% for the year.

» Housing construction figures plummet – The ABC, 4th December 2008.
» Consumers shy away from new homes, cars – The Age, 4th December 2008.