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.
Now is the time to take advantage of the opportunities the current property markets are offering
Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.
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