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It is hoped that lower interest rates and the tripling of the First Home Owners Grant for new homes will stimulate building activity through the final quarter of the year, following the release of building approvals figures this week by the Australian Bureau of Statistics. The figures show that, on a seasonally adjusted basis, total building approvals decreased by 7.2 per cent in September to be down by 21.6 per cent on the same month last year.
The number of detached house approvals fell by 3.7 per cent while approvals for the multi-unit sector fell by 14.6 per cent. On a state by state basis the number of seasonally adjusted building approvals in September fell by 26.4 per cent in New South Wales, 3.7 per cent in Victoria, 2.3 per cent in Tasmania, and 13.8 per cent in Western Australia. Building approvals increased by 3 per cent in Queensland and by 3.9 per cent in South Australia. The trend number of building approvals was down by 2 per cent in the Northern Territory and by 4 per cent in the Australian Capital Territory.
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