Australian new housing remains “subdued”

The construction of Australian new housing remains subdued, with ABS data showing that total building approvals fell in March, driven by a large fall in approvals for private sector medium-density dwellings, according to a national update by the Real Estate Institute of Australia (REIA).

This was partly offset by a small rise in approvals for houses.

Building approvals also fell in March, notably in the medium density sector.

Across Australia, residential building approvals decreased by 11,4% to 11 752 in March 2007. While housing approvals increased slightly by 0,8% to 8 586, approvals of medium density dwellings decreased dramatically by 49,7% to 3 166.

Building approvals in Australia, notes the REIA, are down by 9,6% over the year to March 2007.
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