The latest Bureau of Statistics figures show there has been a solid increase in building approvals in Australia over the last 12 months. The economy is showing signs of transition from over reliance on the mining industry and now is the best time to be building/buying a house or investing in property development. But what does this mean for the expected rise in interest rates next year?
Courtesy of The Australian Newspaper- 2nd September 2014
The rise in July follows a dip in approvals in June.Approvals for the construction of new homes rose 2.5 per cent across Australia in July, official figures show, beating economists’ expectations of a 1.9 per cent rise. Over the 12 months to July, building approvals were up 9.4 per cent, the Australian Bureau of Statistics said today. A rise in single dwelling approvals as well as multi-unit approvals was a positive sign, as house building is more important for growth, JP Morgan economist Tom Kennedy said.