Building approvals down in May

Stock image.
Stock image.

THE decline in residential construction continues according to the latest figures from the Australian Bureau of Statistics.

In May WA overall housing approval numbers dropped 4.7 percent on the previous month and were 15.3 per cent lower than May 2018.

Units and apartments were the hardest hit with numbers dropping 24.5 per cent from May 2018 to May 2019.

Approvals for detached housing declined 12.1 per cent over the same period.

Master Builders executive director John Gelavis said the figures reflected the ongoing strain on the residential building industry but recent Keystart changes, the reduction in interest rates, and changes to lending regulations offered a chance of recovery.

A further glimmer of hope was offered by new home sales numbers.

These rose in May and will hopefully translate to an increase in building approvals in coming months.

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