NSW BUILDING APPROVALS SLOWING DOWN (NSW)

The latest Australian Bureau of Statistics figures show a drop in non-residential and residential building approvals over the last 6 months in NSW, says the Urban Taskforce. “In a worrying sign that the property market is slowing down the latest ABS approval numbers continue a fall from June 2015,” says Urban Taskforce CEO, Chris Johnson. “While the state’s performance is well above the 10 year average the continual slow down means the government must be careful with any changes that affect the industry. We are concerned that statements about value capture levies along with a less focussed local government sector due to amalgamations could lead to further drops in production.”