Building approvals and housing trends

Record low interest rates and an ever growing population have pushed new home approvals to an all time High. Approvals for construction of new homes rose 2.8% in March the highest monthly reading since 1983. Housing trends are underpinning the type of growth with the number of multi-unit dwellings approved in March overtaking free-standing houses for the first time.  St George cheif economist Hans Kunnen says there has been a big move in Australians wanting to live in apartments, townhouses and semi-detached houses. He also states that this explains relatively wekaer price growth of late among units as compared to houses. HIA economist Shane Garrett said that low interest rates and  a strong population were driving the home building boom.  With a $15,000 great start grant still available to first home buyers and stamp duty discounts on land for anyone intending to build now we have certainly seen the trend at Wilson Financial.

Source - www.thebull.com.au 

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