The construction industry has been hailed as one of the standout performers of the national economy for a while now, and it seems that detached property construction is leading the charge.
Although figures from the Australian Bureau of Statistics (ABS) show dwelling approvals were down 0.4 per cent in April, the Housing Industry Association (HIA) has painted a more positive picture of the market.
HIA senior economist Shane Garrett explained that there was a 4.7 per cent increase in detached housing approvals over the course of the month, if they're assessed in seasonally adjusted terms. Approvals for detached properties reached the highest level in five years, with 214,331 projects given the go ahead in the 12 months to April. This makes it the highest annual total ever seen.
"Strengthening activity in detached house building is crucial to broadening the base of the new home building recovery which has been largely contained to the multi-unit market to date," noted Mr Garrett.
"It is important that policy settings allow the expansion in detached house building to deliver on its full economic potential."
Taking a closer look at the ABS data suggests that property in Evatt could be bucking the national trend at the moment. While national approvals fell, the Australian Capital Territory saw its number of green-lighted projects increase by 8.4 per cent. This made it the highest rise in the entire country.
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