Victorian home building surges
Victoria appears to be emerging from its property slump at long last, with recent figures showing a resurgence of activity in the new home building sector.
Low interest rates and growing consumer sentiment appears to be having an impact on the residential property market, with more Victorians opting to build their own home, the latest building approval results have suggested
Victoria has emerged as the nation's frontrunner, with figures released yesterday (October 31) showing an 18.8 per cent spike in construction activity during September.
State acting treasurer Gordon Rich-Phillips said Victoria accounted for $2.3 billion of the $6.2 billion worth building work approve nationwide for the month, indicating renewed confidence among homebuyers around the state.
He commented: "Victoria has recorded the highest growth of the states for both residential and non-residential buildings over the year.
"The Coalition government is implementing a clear strategy to strengthen Victoria's finances, lift productivity, and grow Victoria's economy."
During September there was also a 33.8 per cent increase in non-residential approvals, with Victoria continuing to record the most dwelling unit approvals of all the states.
"Despite the weaker national economy and global market challenges, Victoria's property sector shows signs of positive growth," Mr Rich-Phillips explained.