Century 21, the largest real estate organisation in the Asia Pacific region, believes that the uplift in dwelling approvals recorded in November 2011 is welcome news for the Australian property market leading into 2012.
“According to data released by the Australian Bureau of Statistics, the number of residential properties approved nationwide increased by 8.4 per cent in November, which is pleasing given the declines previously seen over September and October,” said Chairman and Owner of Century 21 Australia, Charles Tarbey.
“While we cannot ignore that approvals remain 18.9 per cent lower than they were in November 2010, this data is positive news for market and investors in the New Year.”
The national increase seen in dwelling approvals was largely driven by increases in the states of Victoria (up 39.9 per cent), Queensland (up 6.6 per cent) and New South Wales (2.0 per cent). A decline in approvals was seen in Western Australia, Tasmania and South Australia (in seasonally adjusted terms).
“It will be interesting to see the movement of approvals into 2012 as we start to get more of an idea about how the market is reacting to the Reserve Bank’s cut to interest rates over November and December,” continued Charles Tarbey.
“All in all, this upwards movement in building approvals is pleasing to see and we hope that market conditions over 2012 are such that the trend continues – better positioning the country to meet its projected demand for housing moving forward,” concluded Charles Tarbey.