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The Australian Bureau of Statistics today released its monthly building approvals data for July for detached houses and multi-units covering all states and territories.
“Total building approvals decreased by 8.1 per cent in the month of July, which was driven by a 19.9 per cent dip in multi-unit approvals. The decline in approvals for detached houses was far more modest, declining by only a 0.1 per cent in the month,” added Mr Devitt.
“The slower rate of decline for detached house approvals is a welcome development, as it follows a succession of material monthly declines since the interest rate tightening cycle began.
“Over the three months to July, detached house approvals are 16.2 per cent lower the same three-month period in 2022, while multi-unit approvals are 7.8 per cent lower.
“At these very low levels, monthly building approvals are bound to bounce and present a degree of volatility. It does not yet indicate a material change in market conditions which remain dampened.
“In context of the chronic shortage of housing there is a strong focus on improving the supply of new housing, however efforts to improve supply are yet to appear in the approvals data. The continued supply-demand imbalance has wide-ranging implications not only for the housing market but for the wider economy,” concluded Mr Devitt.
In seasonally adjusted terms, decreases were led by Victoria (-18.3 per cent), followed by Queensland (-5.5 per cent), Western Australia (-5.2 per cent), New South Wales (-4.7 per cent) and South Australia (-2.6 per cent). In original terms, the Northern Territory saw a decline of 26.3 per cent. Tasmania (+47.8 per cent) and the Australian Capital Territory (+52.6 per cent) saw monthly increases.
The Housing Industry Association (HIA) is warning that the Federal Government's proposed minimum tax on family trusts would amount to a new tax on tradies, builders and small family businesses, while creating costly business disruptions that would divert attention away from building the homes Australia desperately needs.
From 1 October 2026, CBOS no longer exists as a single agency. The Tasmanian Government has split its work between two regulators, Building Standards Tasmania (BST) and Consumer Affairs Tasmania (CAT).
It is with great sadness that I advise of the passing of HIA Life Member Kevin Brock, aged 87.
Before introducing another tax, another reporting requirement, another compliance obligation or another cost increase, HIA is calling on government ministers and policymakers to spend a day in the shoes of a small business owner.