REAL ESTATE | 15-month high for new home approvals

An artist's impression of Stockland townhouses at Willowdale.
An artist's impression of Stockland townhouses at Willowdale.

New-home approvals rose by 11.7 per cent in November to reach their highest since August 2016, driven by multi-units which saw approvals up by 28.7 per cent.

Even though new detached-home approvals dropped by 2.8 per cent in November the number of approvals was consistent with the rest of 2017.

Though multi-unit approvals can vary month to month the November result is robust given approvals have been trending down.

New homes are vital to the rental market and properly-functioning rental markets are crucial in accommodating employment growth and economic development.

  • Housing Industry Association: hia.com.au
This story 15 month high for housing approvals first appeared on Fairfield City Champion.

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