More houses will be popping up in your area in the near future as dwelling approvals have increased for real estate in Bulimba and Queensland. According to the Australian Bureau of Statistics, Queensland was the only area to see positive growth in both dwelling approvals and private sector housing approvals for September.
In terms of dwelling approvals, the growth remained flat nationwide. Queensland rose 0.7 per cent but the only other states to experience increases were the ACT, South Australia and Western Australia. It was a similar story with regard to private sector approvals. Queensland grew 1.7 per cent but this time the only other market to join us was NSW which jumped 0.9 per cent. These two increases make Queensland the only market in the country to have growth in both categories.
Deputy Governor of the Reserve Bank of Australia, Philip Lowe, claimed the strength of the existing housing market has increased demand in new building construction. This increase has manifested in a 9 per cent growth in investment in industrial construction in the past year with further room for growth.This trend is fuelling construction jobs and could boost the overall economy.