THE latest building approvals data gives the housing industry reason for optimism, according to Master Builders WA.
Housing director Jason Robertson said new Australian Bureau of Statistics figures for December 2019 showed encouraging signs regarding house prices, housing investor lending and first-home buyer lending.
“Master Builders has predicted a subdued but sustained recovery throughout the year and the latest numbers support our forecast,” he said.
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READ NOW“In WA, the number for detached housing approvals in December was 982, a 3.6 per cent rise on the previous month, with 2884 detached approvals in the three months to December and an 11.1 per cent lift compared to the previous quarter.
“There were 194 approvals for apartments and units in December, which is up 15.5 per cent on the previous month and 15.1 on the previous 12 months.”
Mr Roberston said another bright spot was the increase in the number of First Home Owner Grant applications in the December quarter.
“Our State Government has made some welcome announcements in recent months including increases to Keystart’s income limits but further stimulus should be considered to boost the economy as we approach the state budget,” he said.
Despite improvements in some of the figures towards the end of 2019, detached dwelling approvals were down 10 per cent on the previous 12 months.
“The road to recovery will be slow,” Mr Roberston said.
“The State Government needs to be aware of the difficulties facing the home building sector when making policy decisions and, critically, with its forthcoming budget.”
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