Morning Briefing: Housing approvals hit seven-month low

Evidence keeps piling up that Australia’s residential building boom is slowing... Buyers reminded to double-check property claims...

Housing approvals hit seven-month low 
Evidence keeps piling up that Australia’s residential building boom is slowing, with figures showing new home approvals declined for the second consecutive month in June.

Figures from the Australian Bureau of Statistics (ABS) have revealed 18,693 new homes were approved over the month, a 2.9% fall compared to May.

June’s approval figures were also the lowest monthly total since November 2015 when just 17,828 new dwellings were approved.

“Today’s figures show that approvals are continuing to ease back from the record highs hit last year,” Housing Industry Association senior economist Shane Garrett said.

“Approvals on both the detached house and multi-unit side peaked in mid-2015. Since then, detached house approvals have glided lower in an orderly manner. Multi-unit approvals have continued to be resilient, although sit at levels slightly lower than a year ago,” Garrett said.

Buyers reminded to double-check property claims 
Potential buyers have been reminded to check the veracity of claims made by those in the real estate industry after a major developer was fined over advertising it used for a new project in Queensland.

The Queensland Office of Fair Trading (OFT) has issued Stockland North Lakes Pty Ltd, part of Stockland Corporation Limited (Stockland) a $10,800 fine after it investigated claims the developer made in its advertising for new project in Brisbane’s northern suburbs.

Stockland claimed the currently under construction Moreton Bay rail link would make central Brisbane a 22-minute journey from its SoLa development in the suburb of North Lakes.

According to the Moreton Bay rail draft timetable, the trip from North Lakes to Brisbane would be 46 minutes, more than double the time advised by Stockland.

Following the OFT investigation, Stockland corrected its advertising, advised potential customers of the error, and paid a $10,800 civil penalty notice.

(Your Investment Property)