The total number of new residential building approvals fell 7.1% in May after last month's 5.7% decline.
This was due to a fall in private sector house approvals, but these came off the back of the record high in April.
HomeBuilder and other state-based programs have provided extensive support to the housing sector, particularly for detached housing.
Since June 2020, 143,000 private detached houses have been approved, the highest number of approvals over a 12 month period since 1984.
With new contracts now no longer eligible for the HomeBuilder scheme since the end of March, it is conceivable that the level of dwelling approvals will soften (possibly sharply) from here.
Approvals remain at a very high level, up 52.7% over the last year and 24% above their pre-pandemic peak.
However, more steep declines can be expected as the unwind continues in the coming months.
Are you wondering how you should invest in this interesting phase of the property cycle?
If you're like many property investors, you're probably wondering what's the right thing to do at present.
Should you buy, should you sell, or should you just wait?
You can trust the team at Metropole to provide you with direction , guidance , and results .
Whether you’re a beginner or an experienced investor, at times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s exactly what you get from the multi-award-winning team at Metropole .
We help our clients grow, protect and pass on their wealth through a range of services including:
Strategic property advice – Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! Click here to learn more
Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $4Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney, and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment-grade property. Click here to learn how we can help you .
Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you .
Property Management – Our stress-free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years, and our properties lease 10 days faster than the market average.
About Bryce Yardney
Bryce is a property development specialist, having successfully sourced, project managed and completed hundreds of development projects for Metropole’s clients, helping them create substantial wealth.Visit Metropole.com.au