New Home Building Approvals Up By 6.9 Percent In WA

Despite the news on the negative sentiment of the economy of Western Australia, new home building approvals in the region rose to about 17 percent in August this year. This new figure was reported by HIA. In a press release which covered the overall status of the Australian new homes market, HIA reported that Western Australia is considered to be the third fastest growing region for new homes in the country just after South Australia and Tasmania. The figure likewise revealed that new home approvals in New South Wales and Victoria are declining.

During last August, the total seasonally adjusted new building approvals in South Australia grew by 27.9 percent, Tasmania by 17.3 percent, Western Australia by 6.9 percent and Queensland by 4.5 percent. The seasonal adjusted approvals registered declines in Victoria and New South Wales by approximately .7 percent and 28.5 percent respectively. According to the trend patterns, the approvals increased by about 8.3 percent inside the Aussie capital territory. But the figure declined by .7 percent in its Northern Territory. A senior economist at HIA noted that the new building home market in Australia registered record levels of activities during the years 2014 and 2015. The new dwelling commencements reported to have reached about 215,000.

The figures released showed that while the approvals for buildings which are multi-unit are weighed on the overall result, the approvals for detached building structures remained to be strong in August as confirmed by the Housing Industry Association. The HIA is the official voice of the residential building industry in Australia. Last August, the total number of homes for approval was declined by about 6.9 percent in the seasonally adjusted terms from the level of the previous months. The approvals declined during the month despite of a 4.4 percent growth in detached house approvals.

The sector of the home renovations Perth will likely be affected also by this development in the market. Compared to a year ago, the activity is still higher on both of the sides in the market. The increase of detached house approvals only amounted to 3 percent compared to August 2014.

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