The value of Victorian building approvals increased 109.7 per cent over the course of 2009, despite the impact of the global financial crisis.
This compares with an average national increase in building approvals of 75 per cent, putting the garden state well before the pack.
Treasurer, John Lenders, said the latest figures from the Australian Bureau of Statistics, published yesterday, showed Victoria had led the nation in building approvals with a total of $22 billion worth of building projects for the year, ahead of NSW ($18.9 billion) and Queensland ($16.9 billion).
“This is a pipeline of Victorian jobs for the months ahead, buffering the ongoing impact of the global financial crisis,” Lenders said.
Lenders said the statistics showed Victoria had also led the nation in the number of dwellings approved with 48,452 homes approved in 2009 ahead of Queensland (28,515) and NSW (26,683) partly due to Victoria’s generous home owner assistance.
“In 2009 a record 53,730 Victorians bought their first home taking advantage of the most generous first home buyers’ assistance of any Australian state,” Lenders said.
First home buyers in Melbourne can still access up to $18,000 from the Victorian government and up to $22,500 to build a new home outside Melbourne.
Lenders said while these statistics bounced around from month to month the yearly result showed that Victoria continued to be one of the strongest economies in the developed world today.
He said although the figures were a welcome economic boost there was no doubt economic aftershocks of the Global Financial Crisis will be felt across the world for many months if not years to come.
