Housing approvals bounce back
HOUSING approval numbers in Hervey Bay bounced back by almost 50% in the last quarter, but are still lagging behind levels from before the global financial crisis.
In the latest Urban Development Institute of Australia (UDIA) report, housing approvals in Hervey Bay jumped from only 62 in the June quarter to 104 in the October quarter.
The Development and Construction Performance Report showed approvals jumped by 43% for the whole Wide Bay region from 270 in the June quarter to 394 in the October quarter.
It is the first time in the past 12 months that housing approvals have gone up in Hervey Bay.
It wasn't all good news as the report also said that despite the significant increase, approvals were still more than 40% below the quarterly average of 2006-08.
Unit approvals were also down and still less than 15% of 2006-08 levels.
Only 14 units were approved in Wide Bay in the last quarter.
The average quarterly approval rate for units in 2006-08 was 147.
Total dwelling approvals across the Wide Bay region in the past 12 months was more than 1500 below the Wide Bay Burnett Regional plan target of 2900.
Similar results have shown across Queensland and the UDIA Queensland has called on the State Government to leave all fees and charges at their current rates for the next three years to stimulate housing approvals.
Housing approvals over the past 12 months
- January quarter - 92 in Hervey Bay, 63 in Maryborough and South Burnett.
- April quarter - 67 in Hervey Bay, 86 in Maryborough and South Burnett.
- July quarter - 62 in Hervey Bay, 81 in Maryborough and South Burnett.
- October quarter - 104 in Hervey Bay, 66 in Maryborough and South Burnett.