Australian Bureau of Statistics data on Housing

ABS data released last week shows that the number of building approvals increased by 7.8% in seasonally adjusted terms during the month of February 2009, the first monthly increase since June 2008. The figures are an indication that low interest rates and Government initiatives are translating into increased demand for housing.

There were also positive news from the ABS released this week with Housing Finance data for February showing an increase in the number and value of dwelling commitments. The total value of dwelling commitments increased 1.3% in seasonally adjusted terms, and the total number of dwelling commitments increased 0.4% over the month.

The most encouraging statistic was that the number of first home buyer commitments as a percentage of total occupied housing finance commitments increased to 26.9% in February, the highest proportion since the ABS began this series in 1991.

Source: Real Estate Institute of Australia