Craig James from CommSec can see a silver lining in recent building approval figures. “The much-promised building recovery has finally arrived with a rash of new commercial and apartment projects approved by local councils. It had been expected for some time that the tight rental market, low interest rates and soaring population growth would translate to stronger building activity, but it now appears that we should have had a little more patience,” he said. “Commercial building is the real stand-out at present. Approvals have lifted in three of the past four months, with February’s increase the strongest recorded in nine months. While down from record highs, the $32 billion of commercial building projects approved over the past year is still 20% above five-year averages.”
Click here to subscribe to the Switzer TV channel on YouTube and keep up to date with all of our shows.