Building approvals posted a slight improvement in November 2012, according to the Housing Industry Association (HIA).
National dwelling approvals increased by 2.9 per cent nationally; however, the HIA said the result overshadowed some poor state-based results.
“Victoria was the only state which recorded an increase in dwelling approvals in November, posting an increase of 8.7 per cent,” said HIA economist Geordan Murray. “The improvement was driven by a rebound in approvals for multi-unit dwellings after a relatively soft result a month earlier.
“Concurrent declines in all other states and territories is concerning, although the modest declines observed in the larger states were insufficient to cause a decline in the national total.”
“Lower lending rates in the latter half of 2012 provided one of the necessary preconditions for an improvement in new home building and we are watching for the impact of the state-based reforms to first home buyer incentives in NSW, Queensland, South Australia and Tasmania to flow through to approvals data over coming months.”
In November 2012, total seasonally-adjusted building approvals increased in only one jurisdiction, Victoria – up by 8.7 per cent. Approvals fell in South Australia (-13.8 per cent), Tasmania (-7.6 per cent), New South Wales (-4.0 per cent), Queensland (-1.5 per cent) and Western Australia (-1.0 per cent). In trend terms, building approvals in November fell in both the Australian Capital Territory (-0.8 per cent) and the Northern Territory (-3.6 per cent).