Record growth in Tasmania's construction sector sees home building up 42.3 per cent

Reported on ABC & Examiner website 4.5.15

Record growth in Tasmania's construction sector sees home building up 42.3 per cent

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Tasmania's construction sector is experiencing record growth, with new dwelling approvals increasing by more than 40 per cent in March.    The number of new home approvals just 3.3 per cent in March in trend terms, according to the Australian Bureau of Statistics.

There were 254 approvals in March, according to the ABS, up from 246 in February in trend terms.    Nationally, the number of approvals increased 1.8 per cent in March in trend terms.

Figures released by the Housing Industry Association (HIA) for new dwelling approvals Australia-wide in March 2015 show a 2.8 per cent increase on the previous month, seasonally adjusted.    Tasmania, however, saw that figure increase by a record 42.3 per cent.

HIA Tasmania's executive director Rick Sassin said it was remarkable.

"We're very, very proud of the results that we're seeing and it's a strong indication that the continuing low interest rates and the homeowners grant that's still on offer is having a marked increase in the take up," he said.

"Multi-unit dwellings on a national level have increased but in Tasmania we're finding that the single-lot dwelling has been leading the charge.

"So the old great Australian dream is still well alive and kicking here in Tasmania... and we do see positivity returning to the housing market."

The only state that recorded an increase close to Tasmania's was South Australia, at 35.8 per cent seasonally adjusted.

The Tasmanian Government said approvals were up nearly 30 per cent over the 12 months period from March 2014.

Reported on Examiner & ABC website 4.5.15