New apartment approvals plummeted to their lowest level in more than 11 years in April, prompting economists to warn that higher building and borrowing costs would hold back new supply and make the country’s rental and affordability crisis worse.
Approvals of new apartments, townhouses and semi-detached homes dropped almost 17 per cent to a seasonally adjusted 3545 in April, the lowest figure since January 2012, official figures on Tuesday showed.
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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
