Building approvals slumped to their lowest level in a decade in January, fuelling the risk of further rental inflation as immigration numbers return to more normal levels.
The number of standalone home approvals dropped 13.5 per cent in January from December to a seasonally adjusted 7664, the lowest monthly total since June 2012, as buyers pulled out of the market in the face of rising interest rates and surging construction costs.
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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. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social. Email Michael at mbleby@afr.com
