Building approvals on the rise
Building approvals have improved for a second consecutive month this September, according to a recent report released by the Housing Industry Association (HIA).
“Today’s building approvals data shows September 2012 provided a second consecutive monthly increase – up by 7.8 per cent in seasonally adjusted terms,” said HIA Economist, Geordan Murray.
"The result took the total number of approvals to 13,388, the third highest monthly result in over twelve months."
Despite the heartening increase, Mr Murray said the market was still performing below standard.
“It is pleasing to see approvals moving in the right direction, but the improvements are occurring from a historically low starting point,” Mr Murray said.
In September 2012 total seasonally adjusted building approvals increased by 22.8 per cent in New South Wales, 5.2 per cent in Victoria, and 2.6 per cent in Queensland. Building approvals fell by 1.4 per cent in South Australia, 2.4 per cent in Western Australia, and 9.6 per cent in Tasmania. In trend terms building approvals in September fell in both the Northern Territory and the Australian Capital Territory by 5.7 per cent and 21.1 per cent, respectively.