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ISCOVER
Staff Reporter
In a positive sign for the Australian economy, the number of dwelling approvals increased by 3.1 per cent in February.
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According to the latest data from the Australian Bureau of Statistics, a 4.2 per cent increase in approvals for detached houses was the main driver behind the positive result, although multi-unit dwellings also posted a 1.6 per cent lift.
“We have seen indicators of consumer sentiment improve over recent months and we may well be seeing an early sign that this is flowing through to activity on the ground. After two consecutive months during which approval numbers slipped back, it is pleasing to see a material improvement in February,” HIA economist Geordan Murray said.
“Interestingly, much of the increase in the detached dwelling segment at the national level can be attributed to an eight per cent increase in detached dwelling approvals in New South Wales. There were 1,601 detached homes approved the state in February, making it one of only three months since 2005 when detached dwelling approvals have broken through the 1,600 mark. The other two occurred during the financial crisis when federal stimulus policies were in full effect.
“Approvals in South Australia lifted 23.0 per cent from the lows of a month earlier. The strong result took the number of approvals to the highest monthly tally in over 18 months. Hopefully this is a sign that the state may be emerging from the cyclical low.”
In February 2013, total seasonally-adjusted building approvals increased by 23.0 per cent in South Australia, 5.4 per cent in Western Australia, 3.8 per cent in Queensland and were flat in Victoria.
