Weakening price growth, rising stock levels and a renewed debate about property tax concessions will hold back new housing projects at least until the year’s end, economists said as new official figures on Tuesday recorded a 6.1 per cent slump in new dwelling approvals.
August’s monthly decline was driven by a near-18 per cent slump in approvals of new apartments, townhouses and semidetached homes and was a consequence of a weakening residential market and rising overall listings in Sydney and Melbourne, economist Louis Christopher said.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
