Building approvals increase across Australia

People who are desperate to secure a new home can sometimes find their options a bit limited.

Property prices in popular urban areas like Sydney and Melbourne can be extremely high, which means many house hunters are forced to move to less built-up regions.

Of course, a lot of home loan customers are reliant on the old concept of supply and demand. If there are lots of new buildings coming on to the market, the chances are that the value of the average abode will fall.

It's not always as black and white as this, but house hunters are always happy to see new developments springing up across the country.

According to new figures released by the Australian Bureau of Statistics, the number of dwelling approvals grew by 7.4 per cent across the nation in March 2012.

This was particularly good news for Aussies who want to base themselves in New South Wales, as the state saw a 49.3 per cent rise in construction work during the month.

However, this was offset by declines in Queensland, Tasmania and Victoria.

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