Building approvals rose by 3.3 per cent in the month of September but despite this increase they remain 11.1 per cent lower than in the same quarter in 2017, according to the Australian Bureau of Statistics.

“The housing market has been cooling modestly since a peak late in 2017 with the majority of the decline occurring on the apartment side of the market,” said Tim Reardon, principal economist for the Housing Industry of Australia.

Getting finance approval has become more difficult for home buyers, investors have more restrictions, while house prices keep falling – such as in the Illawarra – and have contributed to banks tightening their conditions further.

Total seasonally adjusted dwelling approvals in the September quarter fell in South Australia (-21.2 per cent), Western Australia (-8.7 per cent), Victoria (-8.4 per cent), New South Wales (-7.5 per cent) and Queensland (-4.2 per cent). Seasonally adjusted approvals increased in Tasmania by 8.5 per cent. In trend terms, total dwelling approvals in the September quarter decreased by 7.5 per cent in the Northern Territory and by 2.3 per cent in the Australian Capital Territory. 

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