The property and construction industry can continue celebrating the perks of the new year, with renewed consumer confidence expected to lift property sales in 2014.
Australian housing approval data released by the Australian Bureau of Statistics for November 2013 has provided further evidence that consumer confidence is returning to the Australian economy.
Dwelling approvals for private houses were up 6% in November, demonstrating strong growth over the past year, up 22.2% in aggregate. However, regular dwelling approvals showed a 1.5% fall in November on a seasonally adjusted basis
In a media release announcing the results, the Department of Finance said these figures were a good sign of a strengthening underway in the Australian residential construction sector, as well as a positive indication that consumers were growing more confident in the direction of the Australian economy.
Rising consumer confidence was also evident in the Australian retail trade statistics, which grew by 4.6% in the year to November – the strongest annual growth in three years in trend terms. The DoF said this was led by buoyant trade in cafés and restaurants, as well as clothing, footwear and personal accessories.