Building approvals on the rise in Victoria
Victoria's residential property sector could be set to benefit from a surge of new properties across the state, with recent figures showing building approvals are on the rise.
The total value of building work approved in Victoria in February increased 6.8 per cent to $1.73 billion from the previous month - bucking the national trend, which saw approvals fall 3.1 per cent during the same period.
"Today's figures are another demonstration that the fundamentals of the Victorian economy are strong," state treasurer Michael O'Brien commented.
"Victoria's growth came despite a drop in building approvals nationally and is further evidence of the growing confidence in Victoria."
The data, released by the Australian Bureau of Statistics yesterday (April 4), also showed that retail trading across the state is growing - potentially providing investor confidence to those considering a commercial real estate purchase in Victoria.
Retail trade increased 1.1 per cent in February and 2.6 per cent over the year, the treasurer explained, adding that the figures indicate the state government's economic reform is driving "growth and prosperity" for Victorians.
The results come after the Real Estate Institute of Victoria announced its Melbourne House Price Index increased 0.9 per cent in March - the sixth consecutive rise.