Decline in Approval for Residential Building Worsened by COVID-19 Induced Lockdown

  • Jul 31, 2020 AEST
  • Team Kalkine

Senior Economist of Housing Industry Association (HIA), Geordan Murray stated that approvals for home building tumbled by a further 4.9% in June as the impact of COVID-19 induced restrictions continued to weigh on this industry.

The drop in new home approvals over the previous two years is substantial. The monthly dwelling approvals have plummeted a further 22.9% since February 2020.

Additionally, the new survey done by HIA signified an instant boost in sales during June, and early signs indicate July was another solid month for sales.


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