Residential building approval data released by the Australian Bureau of Statistics highlights the dire state of South Australia’s new housing activity. Source: Timberbiz
“While the rest of Australia is experiencing a new home building boom, South Australia is in a new housing recession,” said HIA’s Executive Director Robert Harding.
“Importantly, while residential building activity is carrying state economic activity and productivity in other states, South Australia is missing the boat.
“Today’s figures show that approvals declined by 41.4% in February, confirming the significant downward trend which new residential housing has experienced following the State Government decision to withdraw the Residential Housing Grant from December 2013,” said Mr Harding.
“South Australia has been in serious decline for over a year now.”
The new home building approval figures follow new home sales figures released recently, showing a further contraction in activity across the state.
“It’s time the South Australian Government realised the economic opportunities that other states are gaining, and acknowledged the important role that residential building activity could be playing in kick starting the recovery of our economy,” said Mr Harding.
The HIA has called on the State Government to work with the industry body to quickly implement policy incentives to kick-start the industry from its current depressed state.
