“Building approvals in 2018/19 were 19.5 per cent lower than in the preceding year, making this the most significant market correction since the introduction of the GST,” stated HIA Chief Economist Tim Reardon.
The Property Council of Australia has welcomed today’s (July 18 2019) agreement by Commonwealth, State and Territory building ministers on a national approach to implementation of reforms which will lead to better enforcement and compliance with building standards and regulation.
“The combination of lower home prices, improvements in wage growth and lower interest rates have contributed to the ongoing improvement in the HIA Affordability Index for the June 2019 quarter,” said Geordan Murray, HIA Senior Economist.
Following the federal election, and before the Queensland Budget was handed down, the property industry’s sentiment increased on both a national and state level, according to the latest ANZ/Property Council Survey.
Property industry confidence in the ACT has fallen for the September 2019 quarter according to the latest ANZ/Property Council Survey. The quarterly survey tracks sentiment from across the property industry, including the residential and commercial sectors.