Queensland Building Approvals Fall to a Six Year Low: CCIQ
Building Approvals in Queensland have fallen to the lowest level in six years as unit constructions continues to contract around Brisbane according to the latest data released by the Australian Bureau of Statistics.
The Chamber of Commerce and Industry Queensland (CCIQ) notes that sentiment around Australia’s economic conditions has remained subdued and the latest approvals data continues a downward trend in the construction of residential units.
CCIQ Head of Industry, Dan Petrie said the latest data is a continuation of a trend over the last 12 months despite housing approvals remaining solid.
“We are seeing some stabilisation in overall building activity for residential property but after a significant ramp up in apartment construction in the last decade, the moderation in building approvals whilst not unexpected appears to be bottoming out.
“Big ticket infrastructure projects should fill the gap in the short term but demand over the medium term is likely to be more challenging as tighter lending criteria by Australia’s banks continues to weigh on potential home owners more broadly,” Mr Petrie said.