11 Jan China and Melbourne Apartments
The next piece of good news was the ABS figures showing the decline in planning approvals for new apartments in Victoria by a whopping 35% in Nov 15 (National avg was 23%). This is just planning approvals remember, not building starts, but one follows the other. While approval stats are notoriously volatile, it may be partially responding to the change in planning rules for Melbourne City Council that were announced in Sept 15.
And then lastly I see on ABC news last night the old chestnut of under quoting raising its head. Well no one talks about under quoting when the market is falling so things much be good. (If you want to know more about under quoting see here )