Home building approvals across Victoria reached a six month high in April, according to new data released today.

More than 4900 new homes were ticked off in the month, some 640 or 14.8 per cent above the previous month.

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Source: ABS 8731.0

“Home building activity across the state looks set to pick up after another month of positive growth for our industry,” said Master Builders CEO, Radley de Silva.

“This follows research released last week showing confidence and optimism within the Victorian building and construction sector is rising sharply.

“Approvals have climbed for both detached houses and multi-unit homes, which should provide plenty of work for all types of homebuilders in the months ahead.”

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Source: ABS 8731.0

Between January and April, 19,000 new homes have been given the green light – a rise of 3300 compared to the same period last year.

“In trend terms, Victorian home building approvals have now increased for the past 11 successive months as homebuyers take advantage of record low interest rates,” said Mr de Silva.

“Even the Easter and ANZAC Day breaks were couldn’t hinder the upswing in home approvals as the market recovers from some of the toughest times we’ve seen here in years.”

Victoria is also outperforming trends seen in other eastern states, where falls have recently been recorded in new home approvals.

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Source: ABS 8731.0

“Victoria is bucking the eastern seaboard trend as builders in both New South Wales and Queensland witness a substantial fall in home approvals,” Mr de Silva said.

“Once again, our state is the nation’s homebuilding capital and we are hopeful these figures help encourage momentum and activity in our sector.”

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