Housing Industry Association NSW executive director David Bare says there is good reason to be hopeful in the real estate sector despite the number of building approvals falling in New South Wales through the month of July.
"[A 9.4 per cent decline] looks bad at face value but the result masks an overall improving environment for new home building."
Despite this nine per cent fall, for the three months to July they were up 28 per cent which signals some optimism coming into the spring.
It comes as Victoria posted a seasonally-adjusted decline of 29.4 per cent in the number of housing approvals. However the better news is that the detached dwellings only fell by 0.3 per cent.
The Housing Industry Association's executive director in Victoria Gil King has said that even with the state government cancelling the First Home Buyer Bonus and Regional Bonus, fluctuating cycles are natural.
"The industry accepts the cyclical nature of home building, however we could certainly do without the added volatility introduced by untimely policy decisions," he said.
