NSW residential property approvals rise
Detached residential property approvals in New South Wales have received a boost, according to new figures.
The Australian Bureau of Statistics (ABS) revealed that while building approvals in the state dropped overall in January, the quarter leading up to the month provided some encouraging signs.
The Housing Industry Association (HIA) found the number of dwellings given the green light slipped 1.3 per cent in January when compared with December, but year on year there was an improvement.
David Bare, HIA executive director for NSW, said there were several segments of the market that experienced impressive growth.
"In the three months to January 2013, detached house approvals were 8.6 per cent higher compared with a year earlier, while 'other dwelling' approvals were a very strong 36.3 per cent higher."
He also highlighted his optimism that the housing industry in the state would continue to perform well over the next 12 months.
The ABS statistics showed the total value of building approvals confirmed across the nation was 6.6 per cent higher in January, although residential real estate suffered a 1.7 per cent drop.
This was offset by non-residential buildings, which includes industrial property and commercial property, which leaped 20.9 per cent.