Property

Building approval numbers show residential turmoil remains

Master Builders director housing policy Paul Bidwell said once again, regions with a resources industry presence, like Mackay, Central Queensland and Darling Downs and South West Queensland, remain relatively strong.
Master Builders director housing policy Paul Bidwell said once again, regions with a resources industry presence, like Mackay, Central Queensland and Darling Downs and South West Queensland, remain relatively strong.

THE August 2012 regional Building Approvals released last week demonstrate the multi-speed nature of Queensland's residential sector, according to Master Builders Queensland.

Master Builders director housing policy Paul Bidwell said once again, regions with a resources industry presence, like Mackay, Central Queensland and Darling Downs and South West Queensland, remain relatively strong.

"Like last month, areas that remain a concern are South East Queensland and Far North Queensland," he said.

"We are mindful that there is potential for some of the heat to come out of the resources industry causing a slowdown of approvals in the coming months in response to recent mine closures and layoffs.

"We must also bear in mind that building activity levels are coming off a very low base.

"There were 26,482 dwelling unit commencements in 2011-12, the lowest level of dwelling starts in more than 10 years.

"Overall, Queensland fared much better this month, with a rise of 1.8% in total dwelling unit approvals, which was welcome after the massive drop of 19.7% last month, and we are optimistic about the medium-term prospects for our industry.

"This view was confirmed by the recent rise in housing finance commitments for owner occupiers, which rose by 4.1% in August, with a decent lift in new home lending.

"With a range of factors set to stimulate demand for new home construction, our recent Building industry outlook report has forecast moderate building activity through 2012-13 and a more optimistic forecast in 2013-14."

Topics:  building approvals market residential property



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