Building Approvals

Building Approvals

Building approvals are a leading economic indicator. Demand for new housing fluctuates according to a range of determinants such as interest rates, first home buyer incentive schemes and employment opportunities.

Non-residential building approvals are an indicator of investment in a region, while residential building approvals indicate the availability of financial resources and commitment to live in an area.

The value of non-residential building approvals in Lismore Council Area rose significantly by 272% over the six years 2002 to 2007. The value of residential building has fluctuated somewhat more over the same period with an overall rise of 207%; however the total number of residential building approvals is at its highest level indicating strong demand for affordable, new housing.

Residential and Non-Residential Building Approvals (median $ value) – Lismore Council Area – 2002 to 2007

Source: Australian Bureau of Statistics 2006 Census & Lismore City Council 2007

Residential and Non-Residential Building Approvals (number of approvals) – Lismore Council Area – 2002 to 2007

Source: Australian Bureau of Statistics 2006 Census & Lismore City Council 2007