Home approvals jump up

New home approvals jumped in June to hit a four-year high.

According to results from the Australian Bureau of Statistics, permits for new home building jumped 9.3 percent, the highest result since May 2005.

JP Morgan economist Helen Kevans said she is not surprised by the jump, given the Federal Government’s decision to extend the First Home Buyers Grant until the end of September.

The latest Commonwealth Bank ‘Where is it cheaper to buy than rent?’ report has also pointed to a boom in the housing market, uncovering a 27 percent increase in the number of suburbs across Australia where it is more affordable to buy than rent.

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