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Approvals figures released today by the Australian Bureau of Statistics have been welcomed by the building industry, but do not herald a recovery.
After a sharp increase in building approvals in May, total dwelling units approved fell back only 2.5 per cent in June, seasonally adjusted.
Chief Economist for Master Builders Australia, Peter Jones said the figures for the past two months are a welcome sign that the disastrous slide in approvals may be coming to an end.
“However, the building industry remains in survival mode and conditions in the residential sector are extremely difficult.
“While the trend in building approvals has turned positive, the actual level of activity remains in the doldrums. The annual building approvals figure of 145,000 dwellings needs to increase by at least 30,000 dwellings just to keep pace with housing needs related to Australia’s population growth.
“Today’s figures taken together with previous results are certainly welcome, but any recovery for the industry is still likely to be many months away and would be coming from an extremely low base.
“While there may be some movement in the forward indicators, this is very little comfort for builders in survival mode with little work on the books right now,” Mr Jones concluded.
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