Building approval rates decline in December

House hunters looking to secure a home loan in Australia have seen the number of residential building projects being approved decline.

According to the Australian Bureau of Statistics, the amount of projects that received the green light in December 2011 fell by one per cent in seasonally adjusted terms.

This marked a sharp reduction on November, when the number of developments that received the go ahead was up by 10.1 per cent.

However, the figures varied drastically between states, with Victoria and Queensland experiencing very different fortunes.

The former saw its number of new building projects decrease by 16.7 per cent, while the latter benefited from a significant upturn, as the state saw dwelling approvals rise by nearly 25 per cent.

Yesterday (February 1st), the Housing Industry Association revealed that the uptake of home loans in Australia was low in December, despite recent interest rate cuts sanctioned by the Reserve Bank of Australia.

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