Home loan customers could be encouraged by new-build statistics

Friday 03 December 2010

Article by Mozo

Potential home loan customers in Australia could be among those encouraged by the number of property developments being given the green light across the country.

New-build approvals on the rise

Recently-published figures from the Australian Bureau of Statistics (ABS) have shown that construction approvals were 9.3 per cent up in seasonally-adjusted terms in October.

The figures represent somewhat of a turnaround in the market, with the previous six months all recording a decline in approvals.

According to the report, New South Wales is leading the way with 14 per cent more approvals compared to a 6.1 per cent increase in South Australia.

Victoria saw 4.6 per cent more developments approved and Western Australia said yes to 2.3 per cent more projects.

Queensland was the only state to record a fall, with approvals declining by 0.7 per cent.

"The value of total buildings approved rose 4.1 per cent in October in seasonally adjusted terms. The value of total residential building rose by 8.2 per cent while non-residential building fell by 3.8 per cent," the ABS commented.

This article is brought to you by Mozo – Helping you compare home loans.
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