Dwelling approvals rise in November

The Australian Bureau of Statistics (ABS) recently reported that dwelling approvals rose by 2.9 per cent in November 2012, in seasonally adjusted terms, following a 5.1 per cent fall in October. 

The ABS results were largely in line with economists' forecasts of a 3.0 per cent rise in approvals for November.

The month of November saw dwelling approvals increase in Victoria (8.7 per cent), but decrease in South Australia (-13.9 per cent), Tasmania (-7.7 per cent), New South Wales (-4.0 per cent), Queensland (-1.5 per cent) and Western Australia (-1.1 per cent) in seasonally adjusted terms. 

Approvals for private sector houses fell 0.3 per cent, declining in South Australia (-7.6 per cent), Queensland (-4.9 per cent), New South Wales (-2.2 per cent) and Victoria (-0.2 per cent), but rising 6.8 per cent in Western Australia.

While permits to build more traditional, detached houses fell by 0.3 per cent, one of the industry’s most volatile sectors – multi-unit residential properties – showed surprising growth, jumping by 10.1 per cent. 

In the year to November, building approvals were up 13.2 per cent, the ABS data showed. 

For more information on market conditions in your area, please contact your local CENTURY 21 Real Estate Agents, for clear expert advice.

Posted by Charles Tarbey on 18/01/2013 at 12:00 AM | Categories:

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