New ABS reports indicate that new residential building approvals in 2008 have experienced a dramatic increase , rising from AUD ##0 to AUD 19.9bn during the last financial year . This trend is set to continue into the current financial year , with $ 2bn worth being approved every month . Apartments are attractive to property investors , given the generous tax depreciation benefits , which in some cases can be as much as 50 % of the total purchase price . In addition , demand from developers for higher priced , single family homes has helped sustain the building boom .
New ABS figures show that new residential building approvals in Australia have experienced a dramatic increase, rising from AUD 4.4bn to AUD 19.9bn during the last financial year. This trend is set to continue into the current financial year, with $2bn worth being approved every month. Apartments are attractive to property investors, given the generous tax depreciation benefits, which in some cases can be as much as 60% of the total purchase price. In addition, demand from renters for higher density, single family homes has helped sustain the building boom.