MAY 2023 building approvals data has shown a 59.4% surge in higher density home building approvals, while detached house approvals remained flat. Master Builders Australia welcomes the increase but warns of the need for sustained recovery and cautions against government-induced cost pressures. Lending figures indicate tough times ahead, with loans for new homes over 40% lower than last year. A sustained recovery in higher density building is crucial to address the rental market's affordability crisis. The organization urges the RBA to hold rates, emphasizing the importance of avoiding unnecessary cost pressures through government regulation, which could hinder progress.
19 August 2023
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SURGE IN BUILDING APPROVALS
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