Building approvals rise in South Australia

South AustralianTreasurer Tom Koutsantonis said today’s growth in building approvals shows South Australia outpaced the mainland states during September.

Seasonally adjusted Australian Bureau of Statistics (ABS) figures for the month show South Australia recorded a 2.8% increase in new building approvals – a stark contrast to an 11% fall nationally.

“Western Australia was the only other mainland state to record a rise (2.1%), with New South Wales recording a 7% fall, Queensland an 8% fall and Victoria a 19.8% fall,” Mr Koutsantonis said.

“Trend figures show in the 12 months to September, overall building approvals are 5.4% higher in South Australia compared to 1% nationally.

“Private ‘other’ building approvals rose 4.7% during the month and are now 17% higher than a year earlier.

“This is a positive sign and indicates increased investment in properties such as townhouses and apartments.”

Mr Koutsantonis said State Government grants and concessions are available for those looking to buy a new home.

“A $15,000 First Home Owner Grant is available for new residential properties including houses, flats, units, townhouses or apartments,” he said.

“For contracts entered into from July 1, 2014, a partial stamp duty concession worth up to $15,500 is also available for off-the-plan-apartments.

“This concession applies to developments within the Adelaide City Council, Bowden, Park 45 Gilberton as well as the inner metro area bounded by Regency Road, Hampstead Road, Portrush Road,

Cross Road, Marion Road, Holbrooks Rod, East Avenue and Kilkenny Road.

“These two initiatives mean first home buyers could be eligible for up $30,500 towards an off- the-plan apartment.”

Source: News Release, Treasurer Tom Koutsantonis, 3rd November, 2014

http://www.premier.sa.gov.au/images/news_releases/14_10Oct/sabuildingapprovalsrise.pdf