Housing Market in Western Australia
08 April 2010 by News Desk
The housing market in Western Australia continues to grow, with residential house building increasing by 1.3% to 2,202 in February 2010.
The latest increase follows increases of 2.0% in December 2009 and 1.8% in January 2010, according to the Australian Bureau of Statistics. Seasonally adjusted figures show building approvals have increased in the last three months, with a 1.4% increase in December followed by a 2.3% increase in January 2009 and a 8.1% increase in the month of February.
The number of dwelling approvals in Western Australia fell steeply from February 2008 and experienced an eight year low in January 2009 (1,430). This downward trend was reversed in February 2009. In the 12 months to February 2010, the number of building approvals rose by more than 50%.
Historically, the largest proportion of building approvals has been in private sector housing, which accounted for 80% of approvals (trend) in February 2010. Strong private sector building approvals growth (up 48%) over the past year has been the main driver of recent increases in total approvals.
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