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Building approvals remain close to record highs

February sees the property market continue to strengthen as more and more new homes are built.
The property market in Australia is continuing to go from strength to strength, thanks to the fact that building approvals throughout February continued to sit at strong levels around record highs.

One of the defining factors in the Australian market in recent times has been the need for supply to meet demand, with speculative buyers often pricing young people out of the busy marketplace at the moment.

And now the Australian Bureau of Statistics (ABS) has reported that in February, building activity actually saw a slight fall, sitting at five per cent lower than in January. 

However, they are still 20 per cent ahead of levels seen a year ago, showing just how much stronger the market has become. 

"A continuing strong volume of new supply will flow through to help alleviate dwelling prices for the existing stock. Strong residential building activity is a good thing for affordability," said Housing Industry Association senior economist Shane Garrett. 

Posted by Steve Douglas

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