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Home Construction Approvals Are At Record Levels Then Ever Before

By Admin | Jul 29, 2015 at 12:21 pm | 0 Comments |

New home constructions in Melbourne are at record high levels than ever before, as per the CoreLogic RP Data. There is a wide demand of home construction among Aussies just because of record low interest rates.

The data revealed that there were 214,331 dwellings approved since the last year, throughout Australia, among which 45.9% of approvals were for units.

If we talk about the regions that got higher approval rate, then they were found in the south east Melbourne, that includes ouncil regions such as Casey and Cardinia) with 4874 approvals. In inner Melbourne 12,516 units in total got the approval.

“The surge in approvals nationally coincided with very low interest rates and demand by investors”, said Cameron Kusher, CoreLogic RP Data research analyst.

The Gold Coast was the only non-capital city area listed among the top 20 regions for unit approvals.

Mr Kusher said,”There was already a huge volume of new unit construction underway in Melbourne and the pipeline just kept growing. To put the volume of approvals in perspective, Brisbane Inner City with the second highest number of approvals – 5808 – has less than half as many unit approvals as Inner Melbourne”.

In WA, Perth’s nort west region got 4223 approvals, whereas south west region got 1971 approvals. Sydney’s south west got 2537 approvals, in which Parramatta was most popular with 4171 unit approvals.

In Queensland, Sunshine Coast got the highest approvals than others to 2168, whereas in Brisbane’s inner city there were 5808 approvals.

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