There might be plenty of commentators offering doom and gloom on the property front, but reality is being stubbornly resistant. There are a couple of underlying developments that are really positive buried in this week’s reports on April building approvals and the March quarter business investment.
In building, we've known apartments and other non-house dwellings have been coming off for some time. There has been a looming glut of apartments in Sydney, Melbourne and Brisbane, which has helped send house prices lower, helped by the crackdown on dodgy interest-only lending. But on a trend basis, Australian Bureau of Statistics data from Wednesday shows that the number of private houses approved in April (10,412) was the highest monthly figure since October 1999, while the seasonally adjusted figure of 10,446 was the highest since April 2015.