Building approvals bounce back from June fall

By Michael Janda

Western Australia had a very strong 23. 1 per cent surge, but it was entirely due to a doubling of unit approvals as large developments went through at the same time, and is therefore likely to be reversed in coming months.

The Bureau of Statistics measure of local government approvals for new dwellings rose 2. 5 per cent, ahead of economist forecasts centring on a 1. 9 per cent rebound from June’s 5 per cent fall.

“Total seasonally adjusted new home approvals over the past twelve months are the highest since records began back in 1984,” said the Housing Industry Association’s senior economist Shane Garrett.

Photo: Building development approvals are up 9. 4 per cent on the same period last year.

Read more here: ABC


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