Recovery ahead: HIA

Residential building approvals in NSW increased for the third consecutive month in April to reach their highest level since last July, according to the Housing Industry Association.

That state’s executive director Graham Wolfe said a “sustained recovery” in detached house building approvals contributed.

“Clearly the combination of very low mortgage rates and government stimulus has worked to create the conditions where housing commencements will begin to lift from the June 2009 quarter,” the executive added.

“This is a positive update not only for residential construction activity but also employment and demand in related manufacturing and service sectors”.

The number of seasonally adjusted residential dwelling approvals increased in April in every state and territory except Victoria.

Permits increased by 37.7pc in New South Wales and 13pc in Queensland.

The trend number of approvals increased in both the Northern Territory (8.1pc) and the Australian Capital Territory (10.1pc).

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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