Dwelling approvals hit new record

By Gerv Tacadena

Dwelling approvals in Australia have reached a new record for the third consecutive month in April, according to the latest figures from the Australian Bureau of Statistics (ABS).

Detached housing approvals increased by 14.8% in the three months to April. On an annual basis, approvals for the segment over the period were 63.7% higher.

"Although new home sales fell in April, the results suggest that a significant number of new homes are still entering the construction pipeline for customers post-HomeBuilder," said Angela Lillicrap, economist at HIA.

Lillicrap said the low interest rates, strong house price growth, and an increased preference for detached homes and regional areas will continue to drive demand for new houses over the months to come.

"Detached housing approvals are expected to stay elevated for several more months," she said.

Western Australia reported the biggest increase in dwelling approvals over the period, recording a 159.2% gain. This was followed by South Australia's 93.3%, Queensland's 65.7%, and Victoria's 44.5%.

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