Residential building approvals increased across Australia during February, with the latest data from the Australia Bureau of Statistics highlighting near record levels of over the last 12 months. This could highlight a great opportunity for those interested in building their own real estate in Carlton in the coming months.
Over the last year, approval activity has increased by well over 20 per cent across the nation, with Housing Industry Association Senior Economist Shane Garrett stating the recent strengthening of housing supply has been partially influenced by these growing figures.
"Typically, approvals can take about six months to translate into activity on the ground. 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 Mr Garrett in an April 2 statement.
"It is crucial that land supply policies become more accommodative to Australia's increased housing needs."
More recently, approvals for detached homes grew by 7.3 per cent over the three months ending February. These figures are expected to continue growing well into 2014, especially with a population boom beginning across the country's major metropolitan regions.
This shifting climate could present a great chance to secure Carlton real estate, as the nation's economy continues to strengthen.