Tuesday, 5 May 2009

One stimulus that worked

The increase in the first home buyers grant is one part of the Government stimulus that surely has worked. Dwelling construction figures out this morning from the Australian Bureau of Statistics show the trend estimate for total dwelling units approved rose 0.4% in March 2009, the first rise since November 2007. The seasonally adjusted estimate for total dwelling units approved rose 3.5% and has risen for two months. That the growth in the number of dwellings has come from the lower end of the market is indicated by the fact that the trend estimate for the value of total building approved fell 1.2% with  the value of new residential building approved falling 0.7% and the value of alterations and additions down 0.4%. The trend estimate for the value of non-residential building approved fell 2.0%.
The strongest growth in dwelling approvals is coming from Victoria with New South Wales faring worst.

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