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Rise in building approvals reflects sentiment, says HIA

HIA says the recent rise in building approvals is due to raised consumer sentiment.
<p $$hash="7159-0"><span $$hash="7158-0">The Housing Industry Association (HIA) have linked the recent rise in new Australian property approvals to the heightened consumer sentiment.

<p $$hash="7157-0"><span $$hash="7156-0">It was reported that the number of building approvals across Australia rose by 3.1 per cent in February.

<p $$hash="7147-0"><span $$hash="7146-0">Geordan Murray, economist at HIA, said that the higher consumer sentiment may have filtered through to bring in more work to the construction industry.

<p $$hash="7149-0"><span $$hash="7148-0">He added: “After two consecutive months where approval numbers slipped back it is pleasing to see a material improvement in February,”

<p $$hash="7151-0"><span $$hash="7150-0">Recently, consumer confidence has been on the rise in the property sector due to the recent rate cuts from the Reserve Bank of Australia and the increase in property prices.

<p $$hash="7167-0"><span $$hash="7166-0">Over a number of months, the RP Data-Rismark Home Value Index has shown continued rises in property prices nationwide. Auction weekends in Melbourne and Sydney have seen high clearance rates, which shows that people have been eager to buy.

<p $$hash="7169-0"><span $$hash="7168-0">Posted by Ravin Chatlani

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