Lies, Damned lies and Statistics –“Building approvals slump for apartments and houses”
How can someone living in Sydney or Melbourne obtain any real understanding of the Australian Property Market?
Our ‘National” Press have been bombarding us with headlines from the beginning of 2015 about some magical property boom going on throughout Australia and more recently about how this ‘boom’ has come to a sudden stop with prices rapidly going backwards.
There is a great article in the Australian Financial Review on 6th January 2015 by Mathew Cranston informing us;
“Apartment approvals across Australia have given up their record-breaking numbers, with the latest official figures showing they slumped 23 per cent in November.”
The full story can be found at: http://www.afr.com/real-estate/building-approvals-slump-for-apartments-and-houses-20160106-gm0ucv#ixzz3wWSow34X
It goes on to state that , “Sydney property prices fell for the second consecutive month dropping 2.3 per cent in December, according to CoreLogic RP Data Home Value Index.”
I can only assume this is another general piece of parochial Sydneysider reporting with the impression that Australia stretches from somewhere around the Hawkesbury river to Port Philip Bay and all to the east of the Great Dividing Range!
This following piece must also only refer to the Hawkesbury/Port Philip Bay area
“Lower level approvals is not unexpected given the higher levels of approvals throughout the whole year,” Mr Harnich said.
“This could be good for first home buyers as it may put some downward pressure on pricing and help them into housing market.”
Brisbane is Australia’s third largest city and the following is a quote from the Australian Bureau of Statistics web site –
“The trend estimate for total number of dwelling units approved in Queensland rose 0.9% in November and has risen for three months. The trend estimate for the number of private sector houses rose 0.1% in November and has risen for seven months.”
Don’t believe it…. try: http://www.abs.gov.au/ausstats/[email protected]/Latestproducts/8731.0Main%20Features3Nov%202015?opendocument&tabname=Summary&prodno=8731.0&issue=Nov%202015&num=&view=
By definitions above, we must be expecting some growth then in Brisbane? This I could agree with!
~ Lime Property Solutions
