First quarter residential property approvals break trend
After growth throughout 2012, the three months until March of 2013 have shown a decline in dwelling approvals.
The Australian Bureau of Statistics has released data on building approvals throughout the country for March.
The trend estimate for total approved residential properties fell 1.2 per cent from February to March, whereas the seasonally adjusted estimate for total dwellings approved fell 5.5 per cent in March after a rise of three per cent in February.
New South Wales saw the biggest decline with 3.7 per cent, with Victoria and Tasmania not far behind at 3.6 and 3.5 per cent respectively.
Growths were seen in Queensland, where approvals were up 2.4 per cent, and Western Australia with 0.7 per cent and South Australia on 0.2 per cent.
The Property Council of Australia recently released an article on the current state of the market, saying that property cycles are normal, and it is expected to have a range of growths and declines.
In the article chief economist at HSBC, Paul Bloxham, explains: "This is normal as the country rebalances its GDP growth from being mining led to being housing led. The growth baton needs to be shifted and housing construction is a key part of that."