Housing Industry Association or HIA highlighted that the building approvals in May dropped by 16.4% as the COVID-19 restrictions hindered the flow of new building projects to be undertaken.
As per the data provided by ABS, the decline was due to private sector dwellings excluding houses which tumbled by 34.9%, seasonally adjusted. The number of dwellings approved in apartment building dropped significantly to an 11-year low.
HIA believes that the decline in approvals in May is just the beginning of the COVID-19 shock in home building. HIA expects building approvals data to decline for months due to delay in the approval process.
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