Victorian residential property figures 'best in Australia'
Recent residential property approval figures for Victoria are indicative of the region's strong real estate sector.
This is according to state treasurer Kim Wells, who welcomed Australian Bureau of Statistics (ABS) data that revealed Victoria continued to have the highest value of residential property projects given the go ahead in the country.
"We also continued to record the most dwelling unit approvals of all the states, accounting for 33.5 per cent of dwellings approved nationally," he said.
While the number of units approved slipped by 0.7 per cent month on month in Victoria, the state still outperformed the rest of Australia.
Victorian building initiatives given the green light totalled $1.6 billion in January, with Mr Wells noting there is increased confidence in the state's economy.
"The Victorian coalition government has made responsible decisions to return Victoria's finances to a sustainable setting and grow Victoria's economy," he added.
The treasurer pointed to recent retail statistics, also from the ABS, as providing an impetus across the state and its property market, with consumers showing more optimism for trading conditions.
The data showed the Victorian retail sector grew by one per cent in January, with household goods, clothing, cafes, restaurants and takeaways all performing well.