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Building approvals decline for 11 straight months, ABS trend data shows

Felicity Caldwell reports in the Brisbane Times (9.1.17) on ABS data showing a decline in building approvals in Queensland after a recent glut of apartment construction concentrated in Brisbane.

‘Building approvals have declined for 11 straight months in Queensland, according to the latest trend data from the Australian Bureau of Statistics.

‘The figures come after a steady stream of new apartments in Brisbane’s inner-city in recent years, with experts saying rents are likely to remain steady in 2017.

‘The ABS trend data, released on Monday, shows monthly approvals were 22.5 per cent lower in November 2016 in Queensland compared to the same month a year earlier.

‘In seasonally adjusted terms, monthly approvals were 28.5 per cent lower than they were 12 months ago. The decline during the past four months was driven mostly by apartments, units and townhouses.

‘… A spokesman for Treasurer Curtis Pitt said given the substantial supply of apartment projects already in the pipeline, approval for medium to high density dwellings were expected to “moderate further downard” from its peak in late 2015.’

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