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Property News

Building approvals in Victorian lead the nation

July 04, 2012

Residential property development in Victoria is booming, according to the latest data from the Australian Bureau of Statistics.

The state's housing sector has emerged as the nation leader after it accounted for almost 40 per cent of May building approvals in the country.

Building approvals are up around the nation - however Victoria is the top-runner with 4,156 dwelling approvals in May compared to 2,859 in Sydney during the same month.

Victorian treasurer Kim Wells said: "Despite the weaker national economy and challenges on the global market, the property sector domestically is showing signs of positive growth.

"Victoria had the greatest increase in dwelling approvals of all states and we continue to account for 39 per cent of building approvals nationally."

Mr Wells said the positive growth was likely due to the 50 per cent reduction in stamp duty by 2014 for the first time buyer and also the government's move to free up significant urban land for development.

"This support can be the difference between buying a new home or being locked out of the property market," he explained.

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