Added over 9 years ago

Slump in building approvals likely to hold interest rates

Increasing concerns that construction slowdown will undermine economic growth. Official data revealed that approvals to build new homes sank 4.2 per cent in November and the weakness is expected to continue for some months as higher interest rates start to take effect.  Mr Sebastian from Commsec said the building approvals data "adds weight to the view that the Reserve Bank will stay on the sidelines and it's probably not just going to be for one month". He also said that while the housing sector was cooling  the property sector  fundamentals "remain attractive".

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