November 2009 building approvals increase

THE Australian Bureau of Statistics (ABS) released data for building approvals for the month of November 2009. 

The data shows seasonally adjusted growth in national residential building approvals in November 2009 increased by 5.9 per cent compared to figures for October 2009.  In the year to November, residential building approvals achieved growth of 33.3 per cent.

The number of dwelling approvals rose in New South Wales (+6.0%), Victoria (+10.2%), Queensland (+12.4%) and South Australia (+1.6%).  Western Australia and Tasmania experienced a decrease in dwelling approvals (-10.3% and -20.1% respectively).  There was no seasonally adjusted data available for Northern Territory and ACT.

While the number of houses approved decreased for November (-2.0%), this was offset by a rise in approvals for dwellings other than houses (+31.7%).

The value of total building approved rose 24.6% in November following falls in both September and October.

The NSW Government responded positively to the news, stating that the figures are a further indicator of continued economic recovery and that "the Government's recent decision to extend our 50 per cent stamp duty cut for newly-constructed homes under $600,000 will also help support the continued recovery of the housing sector in 2010."

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