Construction has become a leading source of economic growth for Australia, with recent Australian Bureau of Statistics housing approval figures for February highlighting the uptake of projects across the country. In January, dwelling approvals rose to a record high level – and while February's figure was a slight drop from this peak, it's still a considerably strong result for the country.
Over February, there were 18,768 dwelling approvals seen across the country. Although this is 3.2 per cent lower than January's figure, the February dwelling approval result was the second highest recorded during the 32 years of data being kept.
Housing Industry Association senior economist Shane Garrett said that new residential construction was one of the nation's best defences against rising housing property prices. This is important to help stop certain markets – like first home buyers – from being locked out of the industry.
"In January, new dwelling approvals reached their highest level on record. Today's results for February show that activity remains at exceptionally high levels, with a solid pipeline of activity set to remain in play over the coming months," said Mr Garrett in a 1 April statement.
This could provide an incentive to consider building your own real estate in Burpengary, in order to aid the growth of supply and begin your own investment portfolio.