25/04/2006 - 22:00

Building approvals down but positives remain for property

25/04/2006 - 22:00

Bookmark

Save articles for future reference.

Building approvals in Western Australia were down 21 per cent in February 2006 to 2,095, according to figures from the Department of Treasury and Finance.

Building approvals in Western Australia were down 21 per cent in February 2006 to 2,095, according to figures from the Department of Treasury and Finance.

The fall in approvals from January’s figures, where approvals grew by 18.9 per cent, was 5.8 per cent higher than figures for February 2005, however.

And despite the February 2006 result, the overall trend for building approvals in WA is up 1.3 per cent.

Nationally, trend for building approvals remains at its lowest level since the downturn of activity following the introduction of the GST.  Financial commitments for owner-occupiers in WA rose by 3.8 per cent in February 2006 compared with the same month last year.

But in less volatile terms, housing finance commitments rose by 1.7 per cent in February 2006, still a historically high level of investment.

Total nominal value of housing finance (including for both owner-occupiers and investors but excluding refinancing in WA) was 37.3 per cent higher in the three months to February 2006 compared with the same period last year.

In February, WA borrowed almost $1.94 billion to buy homes, representing a monthly change of 37.3 per cent.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options