In encouraging news for anyone planning to invest in new Belconnen real estate, the Australian Capital Territory is heading a nationwide trend in an increasing number of building approvals.
The Australian Bureau of Statistics (ABS) released their latest housing data on September 2, which showed that the number of approvals rose in most regions around the country in July.
Of all the states and territories, the ACT showed the highest rate of growth in dwelling approvals, recording a healthy 12.6 per cent increase. The next highest rise was seen in the Northern Territory with 4 per cent.
Looking at overall results, the seasonally adjusted total of dwelling units approved increased by 10.8 per cent in July to now stand at 14,304.
In addition to the growing number of approvals, investors and builders will be pleased to hear that the value of approvals is also increasing.
The ABS reported that the seasonally adjusted estimate of the value of total buildings approved jumped 5 per cent in July – despite a fall of 10.5 per cent in June.
This has contributed to the value of residential buildings continuing its steady increase, rising by 1.3 per cent following its growth in the previous two months.