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March sees dwelling approval figures rise

By James Brown

Keeping an eye on the growth of residential property across Australia can be a great indicator of the nation's current economic climate. 

Recent figures released by the Housing Industry Association (HIA) have illustrated that dwelling approvals during March have shot to a new high.

This could be encouraging for anyone interested in building their Caboolture real estate or looking into beginning an investment portfolio. 

HIA senior economist Shane Garrett said strong population growth coupled with the low interest rates spurred on by the Reserve Bank of Australia's cash rate decision earlier this year were partly responsible for this surge in activity. 

"New home building is keeping domestic demand above the waterline. Were it not for the performance of the residential construction industry, Australia's economy would be in a far weaker state," said Mr Garrett in a 4 May statement. 

Over the month, there were 19,419 dwelling approvals recorded across the country – revealing a significant 2.8 per cent increase over February's results. 

Specifically, Queensland saw dwelling approvals rise by 8.1 per cent during March. As the population continues to grow, the potential need for more real estate across the Sunshine State could be an incentive for investment in the future. 

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