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Dwelling approvals increase in October

3 Dec 13

Dwelling approvals are on the rise in South Australia, which may be encouraging news for anyone considering a real estate career in the state.

Total seasonally adjusted residential building approvals increased by 1.2 per cent over the month of October 2013, according to the latest figures from the Australian Bureau of Statistics (ABS).

In the three months to October, total approvals reached above 2,500. This represents a 1.8 per cent increase on the level in the previous three months and a 19.5 per cent increase on the same period in 2012.

The nation-wide outlook for housing construction approvals has also improved, increasing by 1.9 per cent between September and October this year.

More residential buildings will mean more houses on the market, giving the industry a boost, which is great news for anyone considering real estate training.

The dwelling approval data release is the latest in figures signalling future growth in the South Australian property market.

Residential house prices rose by 1 per cent in Adelaide in the year leading to September 2013, according to ABS data.

During the same period, building construction completions across Australia rose by 4.6 per cent in seasonally adjusted estimates from ABS.

These figures are especially prevalent in SA, as the state has experienced growth in this sector for the past six quarters.

Whether these new homes will be made available for rent or purchase can be forecast in part by residency figures from ABS.

According to 2011 Census data, a large majority of South Australians own their place of residence, with 38.5 per cent owning their home either outright or with a mortgage in SA.

This is compared to the national average of just 37 per cent.

Real estate agents in SA may find this figure encouraging, as it shows residents in the area are more willing to purchase property than those in other states and territories.