Building approvals sink
Private sector house approvals continued to roll over, to be 32 per cent lower than a year earlier as the stimulus fades and the twin rising costs of materials and construction bite.
Perth has seen the sharpest reversal, but the trend is essentially down across the board.
Attached dwelling approvals in the private sector fell 30 per cent in March to be down 41 per cent from a year earlier, with Sydney posting some very low numbers in March, and Brisbane now rolling over.
This is in spite of surging arrivals, with around 100,000 more temporary arrivals forecast to arrive by July than had been expected only a few months ago.
In February over 1,000 public housing units were approved in a month for the first time sine the tail end of the Rudd stimulus, but as a source of housing supply the public sector is cactus.
Construction activity in the residential sector looks set to decline from very high levels now.
With most new arrivals likely to be renters, where is everyone going to live?
