The latest release from the Australian Bureau of Statistics (ABS) has highlighted an increasing number of building approvals across the nation, which could be great news for those interested in purchasing Belconnen real estate in the near future.
In fact, the Australia Capital Territory alone saw a 41.1 per cent increase in the number of dwelling approvals seen in the state over the last 12 months, which indicates the growing strength of the region's real estate market as a whole.
One of the reasons for this could be the rising emphasis on density across the nation's capital cities. This ties into the impending population growth expected to hit the country over the next couple of years.
Housing Industry Association (HIA) Senior Economist Shane Garrett said that while dwelling approval figures fell nationally during December 2013, there was an impressive growth over the last 12 months – something that is expected to continue into the coming years.
"The level of building approvals is high and increased by 15.7 per cent during 2013 overall. This was the first year of significant expansion since 2010," said Mr Garrett in a February 3 statement.
Now could be a great time to discuss the option of purchasing houses for rent in Belconnen in order to capitalise on the impending explosion of people heading towards Australia in the future.