Building approvals down in April
Individuals thinking about buying land could find there are some real bargains to be found at the moment, as new figures show that building approvals were down in April.
The Australian Bureau of Statistics (ABS) found that there was a 1.3 per cent decline in approval levels - the 17th month in a row that a fall has been registered.
This does not, however, mean that there are not any investment opportunities to be found - those who are selling land may be aware of the market conditions and lower prices as a result.
Master Builders Australia responded to the figures, saying that something needs to be done to reinvigorate the residential property market.
Chief economist Peter Jones said: "There were significant declines in dwelling approvals in South Australia and New South Wales although the massive fall reported for Western Australia may have more to do with a changed statistical process."
He warned that the data from April is from before the rate cut took effect, which could mean there is greater confidence in the market than the figures suggest.