First glimmer of a housing recovery?
Approvals for the construction of new dwellings across the nation jumped by 8.9 per cent in November. The surprisingly strong result was helped by a massive increase in NSW home approvals of 67 per cent while apartment approvals were up 172 per cent. While some are speculating that the good figures could herald the start of a recovery in housing construction, economists have warned that rate rises could delay any real improvement until later in the year. The jump in volatile apartment approvals is likely to be at least partially reversed in December's figures, however the more stable detached home figures are also looking positive.
By The Australian Financial Review