Wednesday, 1 July 2009

Running out of first home buyers?

If the $900 giveaway to individual taxpayers worked as planned the so too has the increased support from Federal and State governments to first home buyers. Total dwelling units approved and private housing approvals have both turned up this year but while the trend figure from the ABS for both is still rising in this morning's figures, the seasonally adjusted number suggests the growth is coming to an end.
The big fall is in approvals for private sector dwelling units other than houses where the seasonally adjusted estimate3 for May fell 43.6%. The trend estimate for private sector other dwellings approved fell 3.4% in May and has now fallen for 11 months.
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