Date 08.04.2016 There has been a boost in February’s new residence approvals which recovered January’s decline.

according to ABS data released today, said the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

“The data for January showed that 2016 started on a rather sour for new home approvals. Today’s figures show that growth returned during February,” noted HIA Senior Economist Shane Garrett. During February 2016, new home building approvals rose by 3.1 per cent. This comprised a 1.0 per cent decline in detached house approvals but the more volatile multi-unit segment achieved growth of some 7.7 per cent in approvals during the month.

Over the year to February, new dwelling approvals totalled 232,194. The flow of data over recent months indicates that approvals may have hit their high point in the year to October 2015, with a record 239,250 approvals registered over that 12 month period. “The monthly lift in approvals activity during February is welcome but it seems increasingly likely that approvals peaked late last year and that the volume of new home building activity is set to ease as 2016 progresses,” explained Shane Garrett.

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Source: https://hia.com.au/~/media/HIA