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.
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.
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