An eight per cent fall in national dwelling approvals in October 2019 demands a response from all levels of government.
“While a lot of attention is being paid to the recent recovery in housing prices, the story with the big impact on jobs and GDP is the continued decline in housing approvals,” said Ken Morrison, Chief Executive of the Property Council of Australia.
“Housing construction is a key driver for the economy, and it has been slowing down significantly.
“As the ABS notes, this was the 23rd month where dwelling approvals had fallen.
“This matters for jobs in the housing construction industry and the economic activity they support.
“It’s also a flashing warning light for the future housing affordability, especially in our largest cities.
“Our growing population needs housing, and governments need a laser-like focus on their planning regimes to ensure that we can bring new housing to the market where and when it’s needed.
“We also need to ensure that prospective home-buyers can access housing finance in a timely and efficient way,” Mr Morrison said.
Source: Property Council of Australia