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Australia new homes at record high

04 June 2015 by News Desk

property_buildingApprovals for the construction of new homes in Australia rose 2.8% to 19,419 in March, the highest on record.

And there is an increasing trend towards apartment and townhouse properties. The number of multi-unit dwellings approved has overtaken free-standing houses for the first time. Annual growth for the multi-unit approvals category is now 59.2%, while growth in number of houses is just 1.6%.

Darrell Todd, CEO of thinking Australia, says: “Very low interest rates and a growing population are driving a home building boom. This will be good new for buyers as an increase in the number of new homes means property price inflation will be held in check. The growth in residential construction is helping to alleviate the supply shortages in some parts the country that have driven up prices”.

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