“The February building approvals data while showing a seasonally adjusted increase of 3.1 per cent over January also confirms that the new housing sector is clearly trending down,” Wilhelm Harnisch CEO of Master Builders Australia said.

“Total building approvals for February 2016 were held up by a rebound in apartment approvals, and approvals in New South Wales and Queensland,” he said.

“The new housing sector will be facing a continued slowing in calendar 2016 and this will detract from GDP growth in 2016-17,” Wilhelm Harnisch said.“

The projected slow down reinforces the importance of maintaining confidence and keeping official interest rates at current settings,” he said.

“It’s also important for the Federal Government to have polices that maintain home buyers’ confidence,” Wilhelm Harnisch said. 

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