Approvals drop further
There's been a marked positive shift in property sentiment since the election.
Still the Victorian government seems to be doing its darnedest to quell new dwelling supply, hiking surcharges to non-resident buyers yet further - on top of land taxes - and the State Budget introducing huge changes to the stamp duty to be paid be developers on land.
In the end, this will be passed on to dwelling prices, and will naturally drive non-resident investors to other states.
Sentiment for development was already very low pre-election, and this was reflected in another 5 per cent monthly decline in approvals.
Attached dwelling approvals were 29 per cent lower year-on-year, driven by substantial declines for apartments in Sydney, Melbourne, and Brisbane.
Detached housing approvals were down 21 per cent over the year too, again driven by the big capitals, though Perth is finding a base at last.
Piecing it together monthly approvals are now running below 15,000 per month, having previously tracked at around 20,000 per month for quite some time.
Supply is tightening, and despite the protests to the contrary, buyer urgency has turned around sharply, all but on a dime.
