Building approvals jolt market

BUILDING approvals roared back to life in May, posting the largest monthly increase since at least 1980, as councils gave the green light to a flurry of apartments and townhouses.

Approvals for new dwellings rose a whopping 27.3 per cent in May following an 7.6 per cent fall in April, according to the Australian Bureau of Statistics. On an annual basis, building approvals rose 9.3 per cent in May after a 23 per cent plunge the month before.

Economists had forecast building approvals to rise 5 per cent in May while falling 15.2 per cent in the year to May, according to Bloomberg.
Advertisement: Story continues below

"It's too early to know if we're at a genuine turning point on housing or not," said Citi chief economist Paul Brennan, noting that various grants and tax incentives in New South Wales and Victoria might have boosted May approvals.

Private sector house approvals rose 8.7 per cent in May, seasonally adjusted, while multi-unit buildings jumped 58.7 per cent in the month, the ABS said.

Read more at Brisbanetimes.com.au



RUNNING FOR COVER: Campground scatters as storm cell hits

RUNNING FOR COVER: Campground scatters as storm cell hits

'Explosive development' of storm activity puts Coast on alert

Gympie Coles eftpos machines back in action

Gympie Coles eftpos machines back in action

We have a team working to fix the issue'

Answer to our dairy crisis is not a Royal Commission: letter

premium_icon Answer to our dairy crisis is not a Royal Commission: letter

Royal Commission is not the answer; Gympie letter

Local Partners