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Building Approvals Activity Strong in SA

By Brett Pilgrim

Anyone with their eye on real estate in Adelaide and other parts of South Australia should find they are faced with plenty of options at the moment, as building approvals have risen across the state.

The latest Housing Industry Association (HIA) figures identify SA as one of the standout performers in November 2013, as it came out top in terms of its number of seasonally adjusted building approvals.

During the month, activity increased 23.2 per cent, putting the state considerably ahead of its closest rival New South Wales where growth of 14.5 per cent was registered.

The picture was not quite so positive across some parts of the country, as Victoria experienced a 17.4 per cent decline in approvals during the period in question, compared to a 10.4 per cent drop in Tasmania.

Senior economist at the HIA Shane Garrett emphasised how on a national basis, total residential approvals fell 1.5 per cent in November – but there is still plenty of room for optimism.

“Overall, the level of building approvals is high and the latest update indicates that activity in the market continues along a rising trend,” he commented.

The HIA said policy settings need to be amended in order to facilitate further growth in the sector.

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