An increase in new dwelling approvals for the fourth consecutive month has provided further evidence that the housing industry is on the verge of recovery.
The total number of dwelling unit approvals rose by 5.1 per cent in April, seasonally adjusted, to 11,402 the ABS said yesterday.
Houses spearheaded the result with a 7.2 per cent increase in approvals while the more volatile other dwellings (apartments) slipped by 1.4 per cent.
Peter Jones, Master Builders chief economist, said the figures highlighted the importance of the first home owners boost scheme in stimulating new building activity.
“Later this year the recovery in dwelling approvals will translate into increased commencements and ultimately lead to an improvement in residential building activity next year,” he said.
“With momentum in the housing sector so vital to Australia’s economic prospects, signs of a pickup in approvals — particularly in NSW — are a cause for optimism.”
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