Australian building approvals have plummeted despite the federal government handing out $25,000 subsidies to those who want a new house.

Eliza Owen, the head of research with real estate data group CoreLogic, said Australian home owners in poorer suburbs risked losing money if they spent too much on renovations with a grant.

The $688million federal program announced on Thursday provides subsidies for homeowners with a property worth up to $1.5million if they spend $150,000 to $750,000 doing up their property.

U.S. homebuilders grew slightly more optimistic about the housing market in August, putting their confidence at levels last seen a decade ago during the debt-fueled housing boom. The National Association …

U.S. homebuilders’ confidence in the housing market declined sharply this month as the severe weather battering much of the nation keeps many would-be buyers at home. Storms and cold weather dampened builders’ …