Business confidence lifts with strength in NSW

Investing-in-New-South-Wales-or-buying-a-home-in-the-area-may-be-a-great-option-giving-business-confidence_157_67995_0_14099658_300A lift in business confidence across the construction and building industries spells good news for Sydney property buyers.

The Australian Bureau of Statistics reported on April 16 that new residential building commencements increased 1.6 per cent year-on-year to the December quarter in trend terms.

Master Builders Australia (MBA) have released the findings of their March 2014 National Survey of Building and Construction, praising the strength of the building sector.

Particular attention was paid to New South Wales – unsurprising, given the clear interest by home buyers and investors alike in the state’s capital.

“New South Wales continues to be the stand out performer confirming recently released ABS data showing an 18 per cent increase in dwelling starts for detached houses in calendar 2013,” Peter Jones, MBA chief economist explained.

On the whole, business confidence in construction and building industries is at record high levels, according to the survey.

“The Survey for the March quarter 2014 released today finds that building activity in 2014 is set to continue its rebound on the back of improved confidence in residential building,” Mr Jones noted.

Business confidence levels have not been this high since March 2008, highlighting the potential of strong recovery in the sector.

It’s not just home buyers in Sydney who may benefit from renewed confidence and construction efforts, which could aid housing affordability.

Commercial property investors will also be pleased by the findings of the survey.

“The first green shoots marking a return of confidence in the commercial construction sector are also reported in the Survey with the best measure of current conditions since March 2011,” stated Mr Jones.

With positive activity and business confidence in Australia and NSW in particular, buying or investing in Sydney real estate might be worth considering.

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