Victoria is celebrating a gain in property sales for the month of February. The latest figures from the Bureau of Statistics show that home loan approvals in Victoria rose 1.1 per cent for the month.
Senior economist at Rider Levett Bucknall, Dr Andrew Wilson, says construction is reflecting the increase in apratment and unit demand.
Federal housing minister Tanya Plibersek said the results were pleasing and is convinced the lower rates coupled with the boost to the first home owners grant is takin effect.
“The more certain planning environment in Victoria, combined with stronger support for first home buyers, is helping that state weather the storm,” Aaron Gadiel, CEO of Urban Taskforce said.
However, total home approvals across Australia fell by an estimated 2 per cent in February, while NSW’s figures fell for the fifteenth consecutive month, displaying a 4.3 per cent drop in February.
Queensland slumped by 7.7 per cent, the latest in a 16-month straight decline that amounts to a 56 per cent drop.
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