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The government’s boost to the first home owner grant (FHOG) teamed with the lowest official interest rate in half a century have sparked first home buyers activity, with home building approvals rising by more than 9 per cent in June.
According to the Australian Bureau of Statistics (ABS), the rise represents the greatest increase in four years.
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The number of permits granted to build or renovate houses and apartments increased 9.3 percent from May, when they fell a revised 11 percent, the ABS said.
Overall, building approvals were still 14.3 per cent down on June last year, however, industry forecasters had predicted an 18.2 per cent drop.
