Potential for Surfers Paradise Property Development as Approvals Increase Nationwide

The number of building approvals in Australia is reaching record high levels, which could be great news for those interested in building real estate in Surfers Paradise in the coming months. 

When compared to the same time last year, approval activity has increased by over 20 per cent. Housing Industry Association Senior Economist Shane Garrett said approval activity tends to take around six months before translating into tangible results. 

"A continuing strong volume of new supply will flow through to help alleviate dwelling prices for the existing stock. Strong residential building activity is a good thing for affordability," said Mr Garrett in an April 2 statement.  

This aligns with the expectation of continued real estate recovery during the rest of 2014. In fact, over the last three months alone, detached home approvals have grown by 7.3 per cent nationwide. However, Mr Garrett highlighted the importance of sustained housing reforms from the government, in order to keep the supply of property flowing – especially ahead of the expected population boom. 

"Yesterday's indication from the RBA that interest rates are to remain low for some time is welcome in that respect," said Mr Garrett. 

Now could be a great time to consider investigating home loan options for your own Surfers Paradise property development.