Victoria leads the pack on record-breaking building approvals

Home Media Releases Victoria leads the pack on record-breaking building approvals

Victoria leads the pack on record-breaking building approvalsBuilding Approvals in Victoria are increasing over the 12 month period according to the latest data released today from the ABS. Nationally, the latest ABS Building Approvals data shows a significant improvement on last month’s record-breaking results with 205,796 new dwellings approved in seasonally adjusted terms for the 12 months to February 2015, up from 203,182 in January 2015. Victorian Building Approvals recorded a 22 per cent increase in trend terms over the previous annualised 12 month period. A total of 61,811 homes were approved to the end of February, which should flow through to increased jobs and economic activity. “Victoria’s building approvals once again demonstrate that property and construction is our state’s most important industry and employer,” said the Property Council’s Victorian Executive Director, Jennifer Cunich. “5,861 dwellings were approved in February in trend terms which was a one per cent increase on the previous month. “This peak level of activity nationally in the property and construction industries is underpinning Australia’s economy, creating jobs and delivering much needed growth and strength in the face of lower performance by other industries. “It is also helping to address the fundamental issue of new housing supply and the flow-on benefits to housing affordability from increased supply. “But this can only continue if key roadblocks to sustained strong activity in the industry are removed. “Maintaining the status quo is not an option if we are to keep construction levels strong and bring on the required volume of new housing stock. “So both planning and tax reform must be a priority. We need better planning systems urgently put in place, as well as tax reform at the state and federal level. “The federal government has now kicked off the debate about overhauling our archaic taxation system, and the states need to play their part in this conversation. “Governments at all levels must be prepared to do away with our worst taxes and stamp duty is at the top of the pile. “Stamp duty, the most volatile and inefficient of taxes must go as this acts as a handbrake on economic activity, jobs and growth.” Media contact: Asher Judah | M 0499 841 715| E [email protected]