The Australian Financial Review --- Page: 5 : 9 January 2007 Original article by John Breusch
ABIX Summary
Approvals to build apartments in Australia have fallen to their lowest level in more than five years. In November 2006 just 3,551 approvals were given, according to the Australian Bureau of Statistics. This is the lowest level since May 2001. Economists say the figure is an indication that higher interest rates are discouraging investors and predict that it will lead to a continued shortage of rental supply and upward pressure on rents. On the house construction front, 12,739 homes were approved for the month but 13,500 are needed to cope with the growing population.
