Apartments boosting building approvals in May: ABS
Housing loan values and construction approvals trend upwards leading into tomorrow’s RBA Board meeting on the cash rate
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The residential property market has bounced back strongly ahead of tomorrow’s RBA Board announcement on interest rates, data released by the Australian Bureau of Statistics today shows.
In signs that housing sales have rebounded, the value of new loans for housing rose by 4.8 percent in May, the equivalent of $24.9 billion. New owner-occupier loan commitment values went up by 4 percent to $16.4 billion while the value of new investor loan commitments increased by 6.2 percent to $8.5 billion.
Building approvals also rose during May, with the number of total dwelling approved up by 20.6 percent. This has overwhelmingly been driven by approvals in the apartment sector, ABS head of construction statistics, Daniel Rossi said.
“The rise in total dwellings was driven by the more volatile dwellings excluding houses series, which rose 59.4 per cent. This increase reflected a large number of apartment developments approved in New South Wales in May,” he said. “Approvals for private sector houses remain more subdued, rising 0.9 percent, following a 3.0 percent fall in April.”
All the action has been on the east coast, with total dwellings approved rising by 52.9 percent in NSW, followed by Tasmania, up by 41.1 percent and Victoria, which saw an increase of 15 percent. Total dwelling approvals fell in Western Australia (-11.1 percent) and South Australia (-4.8 percent). In the strongest indication that the residential apartment construction sector is forging ahead, building Approvals for private sector houses fell in South Australia (-7.2 percent), Western Australia (-4.5 percent), NSW, and Queensland (-1.8 percent).
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The Ultra-Luxury Development Offers Comfort, Privacy, and Personalized Service
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UAE real estate developer, Palace Group, has unveiled its latest ultra-luxury residential project in the heart of Downtown Dubai. Situated on Dubai Gardens Main Road, next to Eden House, this new development promises comfort, privacy, luxury, and personalized service.
The project, designed by John McAslan + Partners, the award-winning architects behind the Nobu Residences, will feature 70 apartments and penthouses. Each residence will boast luxurious interiors, top-of-the-line fixtures, and high-quality fittings, with private balconies offering breathtaking views of Dubai’s skyline, ensuring a unique and personalized living experience.
Residents will have access to an array of upscale amenities focused on providing a luxurious lifestyle. Highlights include a spa, a high-end fitness facility, and a business center. Family-friendly amenities such as a kids’ club and play areas are also available.
Palace Group aims to support a resplendent urban lifestyle by offering a comprehensive array of services to meet the diverse needs of its residents, making it the ultimate sanctuary for executives and families alike. The project’s strategic location provides convenient access to major business hubs, world-class dining, shopping, and entertainment options, facilitating a perfect balance between work and leisure.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
