Building approval rates for homes other than detached houses plummeted an eye-watering 43.5 percent nationally in July, according to the latest data from the ABS.
BIS Oxford Economics property and building forecasting head Timothy Hibbert said the high-density construction figure was the lowest it had been since February, 2010.
“We know that it is partly construction not being able to source staff during the pandemic, and the rush for space being much more concentrated for detached homes on the fringes of Australia’s major cities and in regional Australia.” he commented.
Source: The Urban Developer