QUEENSLAND’S residential property sector has recorded a 1.7 per cent increase in housing development approvals since August compared to NSW at 19.7 per cent.
The private sector is solid across the country with Victoria, New South Wales, Queensland and Western Australia all recording a 30 per cent increases. In contrast dwelling approvals fell 0.1 per cent against expectations of a 2.5 per cent rise.
The retail sector exceeded all market expectations with sales up 0.9 per cent for August and 5.8 per cent for the year. The sales strength is highlighted through the year with sales growth which re-accelerated from 5.3 per cent in July to 5.8 per cent in August.
Westpac detail showed a strong snapback in food retail with a 1.8 per cent rise, a slight rebound of 0.9 per cent for household goods and continued strength for department stores recording a 2.4 per cent increase, with cafes and restaurants recording a 1.9 per cent increase in sales.
The growth in the retail sector indicate that consumers have responded well to the cyclical upturn and eliminates concern of a post stimulus lull.
Investor housing credit in August increased by 0.4 per cent for the second consecutive month, while owner- occupiers benefited with overall housing credit growth of 0.64 per cent. August provided another positive, with personal credit increasing by 0.5 per cent following 10 months of decline.
Private credit in August was a fraction weaker than expected at 0.1 per cent and Business credit disappointed with another 0.6 per cent contraction.
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