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Approvals for Residential Property Increase Across Australia During February

Anyone interested in purchasing Bulimba real estate could be in for good news, with a recent release from the Australian Bureau of Statistics highlighting the growing number of residential building approvals occurring across the nation. 

Now could be a great time to consider building your dream home in Bulimba, especially with the official cash rate remaining historically low. 

When compared to the same time last year, building approvals during February experienced a rise of over 20 per cent, which Housing Industry Association Senior Economist Shane Garrett said was great news for both the growing housing supply and the affordability of existing real estate. 

"A continuing strong volume of new supply will flow through to help alleviate dwelling prices for the existing stock. It is crucial that land supply policies become more accommodative to Australia's increased housing needs," said Mr Garrett in an April 2 statement. 

In the three months to February, detached housing approvals grew by 7.3 per cent – illustrating the growing strength of the national market. This could translate into a great opportunity for those considering construction to secure an approval for their dream home in Bulimba's housing market. 

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