Home / Home Loans / Rate cuts lead to big jump in new homes

Rate cuts lead to big jump in new homes

11/01/2012

The Australian Bureau of Statistics housing data for November released yesterday showed building approvals climbed 8.4 per cent following dives of more than 10 per cent in the previous two months.

This was led by a 44 per cent rise in apartment and house construction in Victoria.

NSW was up 2 per cent and Queensland 6.6 per cent, with the increases leading to cautious optimism among industry leaders that the sector has begun to turn around.

But a full recovery is not expected until the second half of 2012 with the data for November about 18.9 per cent down on the year before.

HSBC economist Paul Bloxham said residential construction was set for a modest recovery as interest rates cuts are expected to make building more attractive.

Source: Herald Sun



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