Victoria Building Approvals Increase 10.4% in January

Looking to secure the perfect slice of real estate in Bentleigh or Malvern East?

Dwelling approvals in January 2014 broke records and Victoria also fared well, perhaps fuelled by the continued interest in Melbourne property – whether it's Malvern East real estate or otherwise. 

Total dwelling approvals increased 6.8 per cent in seasonally adjusted terms during this period, according to a March 4 release from the Housing Industry Association (HIA). 

This result "provides a continuation of the strong second half performance during 2013," announced HIA Senior Economist Shane Garrett. 

In the past year, approvals totalled 182,000, which is "the highest 12 month total since 2004," according to Mr Garrett.

Strength in Victoria

Victoria's performance was commendable, with a 10.4 per cent increase in building approvals in January 2014 in seasonally adjusted terms. 

This puts the state only marginally behind South Australia and Tasmania, which both recorded 10.5 per cent increases.

By contrast, other states fared a lot worse and the Northern Territory received quite a blow with a 28.3 per cent decrease in building approvals over the same period. 

Clearly, Victoria is a strong state for ongoing growth when it comes to supplying housing options. 

This is unsurprising, given the fantastic liveability of the city. 

Areas such as Malvern East and Bentleigh are popular suburbs in the vibrant capital. Contact Matt Hurlston at Ray White Carnegie if you want to secure property in these areas or sell your existing home.