HIA Senior Economist Andrew Harvey said, “Further rate cuts are absolutely essential to shore up home buyers confidence in light of globe economic conditions and to help ameliorate the effects of the increased consumer cautiousness that has pervaded the Australian Economy.” ”The latest approvals update is on the right side of zero growth, but the level of total approvals remains weak and serves to reinforce the need for further interest rate cuts in the first half of 2012,he added. Last November 2011 total seasonally adjusted building approvals rose by 8.4%, house approvals rose by 4.9% in November while approvals for other dwellings rose by 16.1%. Across the states and territories of last November results, Victoria was standout adjusted approvals and Western Australia fell by 16.9%.
According to Rismark Director Christopher Joye, ‘The figures were an optimistic reflection of the sector’s potential in 2012. This was the single best monthly result since December 2010. It augurs well for housing activity during the first quarter of 2012, which we project will rebound solidly.” The data showed flat positive gains in Sydney, Melbourne, Perth and Canberra is the best values across the year. According to Colliers international, there are more buyers from overseas especially Chines Buyers and half of the spending on Queensland Residential property. Brisbane was the second most popular area and Gold course estate are also popular. Building approvals in Australia rebounded in November and total approvals remains weak and serves to reinforce the need of the further interest rate cuts in the first half of this year.