Property Market Information: Dwelling approvals skyrocket during January

By the resi financial blog team, 06 March 2014

Dwelling approvals up in Australia

Construction loans could be a great idea in the near future, with the latest release from the Housing Industry Association (HIA) highlighting the growing rate of dwelling approvals being seen across the country. 

January was a strong month for approvals across the nation, with the total number of dwellings rising 6.8 per cent and continuing the high degree of housing strength seen during the second half of 2013. Specifically, detached homes saw an increase of 8.6 per cent over the month, while multi unit dwelling approvals rose 4.7 per cent. 

This resulted in the total number of dwellings approved during January climbing to 17,514, which is the highest result for a single month in over 11 years. 

HIA Senior Economist Shane Garrett said the last 12 months have seen a total of 182,000 approvals across the nation -  the highest level since 2004. 

"This indicates that the pipeline of residential building work is looking particularly healthy. These approvals should translate into a boost in real activity on the ground over the coming months. Today's figures show that the housing activity may finally be reaching the kind of levels demanded according to market fundamentals," said Mr Garrett in a March 4 statement. 

He went on to say that while Australia has managed to outdo most other countries in areas such as economic growth and population increases over the last decade, there have always been barriers to an adequate housing supply. 

"We are now seeing a real opportunity to begin plugging the housing deficit that has opened up over the last decade," said Mr Garrett. 

Now could be the perfect time to consider securing a construction loan and begin pursuing your dream home. There are a wide range of options available, allowing you to secure the home loan product most suited to your needs.

Categories: Home Loans, Personal Finance