Australia’s new housing sector remains hostage to high borrowing costs, Oxford Economics Australia says, even as it forecast a pick-up in new home approvals for the year to June.
The consultancy on Tuesday forecast a pick-up in total approvals this financial year to 170,000, a 4 per cent increase from FY2023, after new official figures showed a strengthening trend in apartments, townhouses and semi-detached homes.
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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
