Hope for the construction sector is on the rise following the release of housing finance figures from the Australian Bureau of Statistics (ABS).
The value of financial commitments made for the construction of new housing went up by 0.2 per cent to $5.3 billion in seasonally adjusted terms in April. This comes after statistical increases in both March and February.
Commenting on the results, chief economist at Master Builders Australia Peter Jones said: "The April housing finance figures consolidate the strong increases in February and March. It confirms a positive trend and is a welcome change for the industry after many months of volatile figures."
He added that as more consumers are investing in property at the moment there is a high chance that this will filter through to the construction sector. As the stock of new properties is running out, more dwellings will need to be approved to meet demands. Indeed, ABS figures show residential dwelling approvals have been rising.
Posted by Steve Douglas
