The residential construction sector finished 2012 on stable ground, with results from November showing building approvals remained steady for the month.
According to the latest data from the Australian Bureau of Statistics (ABS), the number of dwellings approved in November increased 2.9 per cent ? a significant improvement on the 5.1 per cent decline in October.
The figures, which will likely bring some relief to the home building industry, showed Victoria was the only state to record an increase, with an 8.7 per cent lift during the month.
In comparison, declines were seen in South Australia (-13.9 per cent), Tasmania (-7.7 per cent), New South Wales (-4.0 per cent), Queensland (-1.5 per cent) and Western Australia (-1.1 per cent).
Housing Industry Association economist Geordan Murray said the impact of improving economic conditions will continue to be seen this year.
"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 flow through to approvals data over coming months," Mr Murray commented.
The news articles contained in this website are for the purpose of providing general news relating to the Australian construction industry only and the information contained within the news articles may or may not be related to Hutchinson Builders.
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