Share on twitter Share on Google Plus by Michael Bleby New housing approvals rose an unexpectedly high 2.6 per cent in March led by Victoria, suggesting new dwelling investment may be stronger than expected.The increase lifted total monthly approvals to a seasonally adjusted 19,603 from 19,068 in February, driven by a 1 per cent increase in detached houses and a 4.6 per cent gain in apartments, townhouses and semi-detached homes. Approvals of high-rise apartments also jumped. But even while volatile monthly figures are influenced by the timing of individual projects and can jump around, Thursday’s figures paint a picture of strengthening in the housing pipeline that is reinforced by longer term trends. “The 2.6 per cent rise in building approvals in March suggests that dwellings investment is holding up a bit better than we had expected,” said Capital Economics’ chief economist for Australia and New Zealand Paul Dales. Advertisement Over the 12 months to March, new approvals totalled 227,383, the highest level for a year. Approvals of apartments in buildings of four storeys or higher picked up to a 12-monthly total of 63,666, the most in 11 months. Others were more cautious about the figures.”At face value, the recent approvals strength is modestly supportive for growth… Read full this story
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