Building approvals sustain growth in April
Dwelling approvals rise for the third consecutive month.
The total number of national dwelling approvals rose 0.1% in April 2017, according to the latest data.
The Australian Bureau of Statistics (ABS) report building approvals increased in the Australian Capital Territory (3.6%), Queensland (3.4%), New South Wales (1.7%), South Australia (1.6%) and Tasmania (0.3%).
Dwelling approvals fell in Victoria (-3.2%), Western Australia (-2.3%) and the Northern Territory (-2.2%).
These latest results represent the third consecutive month of increasing approvals nationwide. Prior to February, approvals had declined for eight months straight.
The positive surge in dwelling approvals was not repeated for private sector building approvals, which were down 0.2% month-on-month in April.
The value of total buildings approved was up 2.5% in April, the third consecutive month of rises.
Residential building values rose 0.2% in April, while non-residential values rose 6.9% month-on-month.
The Housing Industry Association (HIA) has identified areas around Australia where population growth is higher than the national average, and at least $150 million worth of residential buildings are approved.
New research reveals Sydneysiders would need a $60,000 deposit to get into the housing market.
Buying a home or an investment property? It pays to compare and research your finance options.
- Australia’s top FOMO suburbs: the once-cheap suburbs now worth a ton
- Renters could face tough market in future
- Virgin Money breaks with rivals by cutting interest-only mortgage rates
- How first home buyers are getting into the market (and how you can too)
- The value of Australian housing loans grew in July 2017: ABS