National Property Building Approvals Lift In February

Another lift in building approvals for the month of February could be a welcome sign of recovery in the national property market, according to new data released on April 4 by the Housing Industry Association (HIA) based on figures from the Australian Bureau of Statistics.

South Australia in particular was identified as a standout performer in the property stakes - between January and February 2013, the number of new-build approvals increased by 23 per cent. This could be an indication that the state could be recovering from a "cyclical low", said HIA economist Geordan Murray.

Another standout performer was NSW, where the total number of approved detached dwellings climbed above 1,500 - only the third time since 2005 that this milestone has been reached.

Overall, approvals for detached houses improved by 4.2 per cent compared with January, while units experienced a 1.6 per cent lift. Nationwide total approvals increased by 3.1 per cent during the month.

This could be the first data-based evidence that improving consumer sentiment is finally trickling down into the construction phase, said the expert.

Murray explained: "We have seen indicators of consumer sentiment improve over recent months and we may well be seeing an early sign that this is flowing through to activity on the ground."