The rate of housing construction in Australia continues to increase over the past few years, a report says, adding that it will last over the next five years.
According to the latest report of BIS Shrapnel, dwelling building activity will reach a new high in terms of homes constructed. “New housing starts are forecast to reach 190, 000 nationwide in 2014/15, which will surpass the previous peak of around 187, 000 set back in the 1994 boom,” BIS Associate Director Dr Kim Hawtrey said in a statement.
Builders set for a strong recovery
A new industry record recovery in home building predicts strong construction activity to continue for the years to come. Ownit Homes, a trusted home building company with over four decades experience, noted that creating the home of your dreams requires the best builder to construct great homes with an affordable price tag.
“So if you look at the deficiency of dwellings and the underlying population growth, the dwelling building boom, we believe, is very sustainable indeed,” Hawtrey said. He added that the residential construction is in a “really sweet spot. I can’t emphasise enough how extraordinary this moment is in Australia’s home building history.”
The forecast is in line with recent expectations from the Housing Industry Association.
Queensland house market leads the way
In a separate report, Real Estate Institute of Queensland (REIQ) said the sales activity of all property types across Queensland increased. Vacant land sales were up an impressive 37 percent.
The housing properties in Brisbane are rising strongly, with a steady pipeline of townhouse developments contributing to a 20 percent rise in sales.
The housing construction sector is moving at a steady pace. The prices are affordable and will continue to be so, given the unchanging and constant rate of supply by developers in the market.