Moondoong, as you know building activites has slowed down for almost 2 years. It entered into collapse territory in the last 6-9 months.
That's why the MBA and HIA are crying out loud (their vested interest is actually BAD for the housing market in this phase) as all they do is increase supply when we have a glut.
They always talk sheet about the need to build more otherwise we have have an even bigger shortage, when in reality to plummeting credit approvals and new building approvals is a reflection of crashing demand.
Who want to build a house and sell at a LOSS when we have hit the tipping point of a asset price crash ??
