Building approvals rebound but plunging loan commitments tell different story
Despite a rise in dwelling approvals, the decline in the value of new loan commitments points towards the building boom ending in 2024 as interest rate hikes filter through the construction cycle.
There has been a sharp bounce back in apartment approvals. (Image source: Shutterstock.com)
The value of new loan commitments for housing continues to fall even as building approvals rebounded from a decade-long low.
Australian Bureau of Statistics (ABS) data released Tuesday (4 October) showed that the value of new home commitments for housing fell 3.4 per cent to $27.4 billion in August after an 8.5 per cent drop in July.
The latest monthly decline brings the value of housing loans to its lowest level in almost two years, down by 15…
