Australian property approvals show demand has not dampened
New property approvals in Australia have risen at their fastest pace in eight years.
The positive outlook on new property in Australia has been highlighted by the news that home building approvals in the country rose in March at the fastest pace since 2002.
It came as the Reserve Bank of Australia boosted the benchmark lending rate to four per cent to push borrowing costs to what was described by governor Glenn Stevens as "average levels".
Michael Turner, an economist at 4Cast, based in Sydney, said that the report into new building approvals was "encouraging" and a good leading indicator for employment in the construction sector.
His prediction of a six per cent gain in approvals was also the closest of the analysts, which were recently surveyed by news provider Bloomberg.
Those looking for a new property in Australia were recently told that Sydney is still top of the ladder, with its median house price being around 15 per cent higher than in 2009.
Steve Douglas is the co-founder and Managing Director of Australian Taxation Services (ATS), established in Singapore in 1995.
ATS provides specialist taxation services to Australian expats living overseas and people of any nationality investing in Australian property.
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