Anticipated return from September approval declines
The latest Master Builder Australia (MBA) release has highlighted the decreased dwelling approval figures seen during September, recording a 13 month low as approvals dropped by 11 per cent.
However, MBA chief economist Peter Jones said these figures were falling to a more stable level and could be expected to turn around in the future. This turn down is simply the breather – especially for apartment developments – which needed to slow down after a "red hot growth phase". This could be great news for potential buyers of real estate in Burpengary over the coming months.
"The 11 per cent seasonally adjusted decline in September was driven by a fall of 22 per cent seasonally in units and apartments due mainly to the longer lead times in gaining approvals for apartment developments and is expected to bounce back," said Mr Jones in a 3 November statement.
However, he anticipated a new lift in approvals for detached houses and an upswing in properties across the nation in the near future. Over the three months to September, the number of approvals topped 50,000 – helping to reach the annual growth of 200,000. This beat out the 195,000 recorded over the 2013/14 financial year, highlighting the moderating, sustainable property market emerging across Australia.