Building approvals bounce back in February
Approvals jump up in NSW, Victoria, Tasmania and SA.
After declining for eight straight months, the total number of national dwelling approvals rose 0.8% in February 2017, according to the latest data.
The Australian Bureau of Statistics (ABS) reports building approvals increased in New South Wales (2.5%), Victoria (1.4%), Tasmania (0.9%) and South Australia (0.5%).
However, approvals decreased substantially in the Australian Capital Territory (-15.6%), the Northern Territory (-12.3%) but more slightly in Queensland (-0.7%) and Western Australia (-0.2%).
The upturn in dwelling approvals did not affect the ongoing drop in approvals for private sector houses, with the ABS reporting figures were down 0.6% month-on-month in February.
For the seventh consecutive month, the value of total buildings approved fell, down just 0.1% in February.
Residential building values rose 1.5% in February, while non-residential values fell 3.3% month-on-month.
House prices - particularly in Sydney and Melbourne - are rising at an alarming rate, while population growth, slow wages growth and investment are some of the key concerns affecting housing affordability.
Additionally, a panel of market experts insist that first home buyers in Australia should not be able to access their superannuation to finance their property purchases, labelling this practice as "irresponsible".
Buying a home or investment property? It pays to compare and research your finance options.
- NSW first home owners tax reform offers 25K grants
- Westpac home loan rate rise: 3 things you need to know
- Home loans take months, how does this bank do 7-day approvals?
- Finder’s RBA Survey: 87% of experts say consumer saving will dip as cash rate holds
- RBA Survey: Average Sydney house price to increase by $216,300 in 2021, say experts