The approval for new-build detached houses down under has hit a record five-year high, new figures released by Australia’s residential building industry reveal. The latest report from the Australian Housing Industry Association shows that during April of this year, detached house approvals increased by 4.7% which is the highest monthly total figure since February 2010.
Shane Garnett, senior economist at the HIA said:” Strengthening activity in detached house building is crucial to broadening the base of the new home building recovery which has been largely contained to the multi-unit market to date.”
The figures shows the detached house market saw a total of 214,331 approvals recorded to April 2015 which is the highest annual total on record. However a breakdown of the figures show that approvals only increased in Tasmania but declined quite overall in a number of other major states including New South Wales with a fall of 14.6% and on the east coast Queensland dropped by 14%..
Overall this should be encouraging news for investors looking towards the new-build property sector in Australia.