Fed: Housing recovery may be fading, official figures show
CANBERRA, April 3 AAP - The housing recovery could be petering out after official figurestoday showed building approvals falling for the third time in four months.
Allowing for seasonal influences, building approvals fell 3.7 per cent to 12,860 inFebruary, the Australian Bureau of Statistics said.
It followed a modest 1.6 per cent lift the previous month and falls of 7.7 per centand 6.9 per cent in November and December respectively last year.
Approvals in February were 46.9 per cent higher than they were 12 months earlier, justbefore lower interest rates and the government's doubled first home owner's grant combinedto send the new home market soaring.
Private home approvals fell by 2.5 per cent to 9,620 in February, the ABS said.
AAP jph/daw/mg/bwl
KEYWORD: HOUSING
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