building approvals increase during september in Western Australia
The latest release from the Housing Industry Association (HIA) indicates that residential building approvals have reached their highest level since early 2010, which could make this the perfect time to undertake new home building in Western Australia.
Total building approvals across the nation increased by 14.4 per cent during September, bringing the number up to 16,318 during the month. According to HIA Senior Economist Shane Garrett, Australia hasn't seen a figure this high since March 2010.
"Over the last three months, building approvals have been running at an annual rate of around 180,000," said Mr Garrett in an October 31 statement.
"Growth was driven by the multi-unit segment of the market where approvals increased by 31.8 per cent compared with the previous month. Detached house approvals rose by only 1.9 per cent over the same period."
The September quarter recorded an approval rate 8 per cent higher than the previous quarter, while the rate was 19.3 per cent higher than the September quarter last year.
"The main message from today’s figures is that the RBA’s interest rate cuts over the past two years are helping to support activity on the ground. It is important that residential construction activity continues to grow in order to make up for the shortfall in building over the last decade," said Mr Garrett.
Seasonally adjusted approvals in Western Australia increased by 12.3 per cent during September, ahead of Queensland (3.8 per cent) and South Australia (0.8 per cent). This could be great news for anyone creating their double storey home design for construction in the near future.
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