$4b head of steam |
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Victoria's building activity has continued at a record pace, especially in regional centres,
as building approvals reached $4 billion for the September quarter, according to industry figures.
The value of building approvals for the record September quarter has jumped 15 per cent on
the previous September quarter, with regional Victoria reaching $744.7 million (up 17 per cent),
and metropolitan Melbourne $3.3 billion (up 14 per cent).
Gippsland continued to show strong growth, topping the regions with a 30 per cent increase to $129.9 million.
Gippsland, particularly the Latrobe Valley was coming off a low base, but increases in Latrobe City (71 per cent)
and Wellington (100 per cent) were a "good positive sign of recovery". the building activity increases in Latrobe
and Wellington, indicated a possible recovery. The figures include a $6.3 million residential development at Sale.
The increases were the result of residential developments, particularly in Traralgon,
rather than a distortion caused by a large one off industrial or commercial development.
First-home-buyer-grant recipients still building their homes could have caused the
strong residential growth in metropolitan and regional areas.
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