According to the Australian Bureau of Statistics approvals for the construction of new homes and units rose 3.1 per cent in February 2013, exceeding the market forecast of a 2.5 per cent improvement.
Although a come back from January’s 2 per cent fall, economists are warning that more data is needed before determining a trend in the housing industry. Property investors should watch approval figures over the next few months before feeling confident that the rise will be sustained.
Public sector dwellings yielded the biggest change, more than doubling in February, and total private sector dwellings rose 0.9 per cent. Although these figures showed strong growth in total building approvals, the improvement in private dwellings were relatively modest, and there was no indication that growth in the housing sector would improve significantly during 2013.
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