New ABS figures show that new residential building approvals in Australia have experienced a dramatic increase, rising from DEPPRO 4.4bn to DEPPRO 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.
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.