1 September 2009
The number of building approvals for new Australia properties to be constructed jumped in July thanks to strong demand, driven by first time buyers and low interest rates.
Research from the Australian Bureau of Statistics shows that the volume of buildings approved for construction rose a better-than-expected 7.7% in July from June, compared with market expectations of 3.3%.
The construction of new properties in Australia is expected to supprt the country’s economy over the next few quarters, after poor economic growth was recorded in Q2.
Approvals for new homes in Australia increased for a seventh straight month in July.
Strong demand for property in Australia is currently being supported by low mortgages rates and the government’s first homeowners grant.
See Also: Australia (35), Marc Da-Silva (269)
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