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VIC construction value ‘highest in country’

By Belinda McGuire

Owners of real estate in Rowville who are either rebuilding or renovating are contributing to the strength of Victoria's construction sector.

The Australian Bureau of Statistics found that the state had the largest number of building approvals in 2012, in addition to boasting the highest value projects as well.

Victorian treasurer Kim Wells lauded this development, saying that approvals granted topped $24 billion – a 7.4 per cent rise over the performance of 2011.

He explained: "It is a significant achievement that Victoria, with only a quarter of the nation's population, accounts for a third of the number of buildings approved and 30 per cent of the value of work being undertaken across the country."

Mr Wells added that given the importance of the industry to the state's economy, it is important that an inquiry take place to work out why construction costs are rising.

He explained that dwelling construction increased in cost by 54 per cent in the decade to 2011 and that while the pipeline of development is solid, decreasing the price of such undertakings must be addressed.

The treasurer explained that this government is doing what it can to address the needs of first homebuyers by offering a 30 per cent cut in stamp duty when they purchase a new property.

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