New home building approvals increase during May

New home building approvals increase during May

Good news for those interested in seeking construction home loans in the near future; the latest release from the Australian Bureau of Statistics has highlighted the growing number of housing approvals across the nation. Now could be the perfect time to pursue your own dream home plans, with the rising strength of the market presenting a fantastic opportunity for investment.

A new release from the Housing Industry Association (HIA) indicated there were 16,425 dwelling approvals sought during May, a 9.9 per cent increase over April and an impressive degree of growth over the month before. HIA Economist Geordan Murray said the increase seen in May was encouraging to see, with confidence in the national market beginning to return.

"Residential building approvals reached a peak in January this year when over 17,700 dwelling approvals were recorded. To get to the record level in January it took a situation where all the ducks were sitting in a row. We had the five largest states all recording strong approval numbers at the same time," said Mr Murray in a July 3 statement.

This view is reflected by Master Builders Australia Chief Executive Officer Wilhelm Harnisch, who said the rising construction market was beginning to play an important role in the national economy.

"The 9.9 per cent, seasonally adjusted, rise in building approvals for May, reflects the continuing strength of demand for units and apartments. This reflects confidence in the industry and will provide a pipeline of work for up to the next three years," said Mr Harnisch in a July 3 statement.

Getting in contact with a financial expert in the coming months about the construction home loan options open to you could be the best way to make your dreams of creating your ultimate family home, come true. The current market circumstances are attuned to helping people achieve their residential property goals. 

Image credit: Got Credit

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