Residential building going strong around the country

Residential-building-was-strong-over-the-June-quarter_157_81647_0_14092550_300Property buyers in the Sydney area should be heartened by the latest figures regarding the building industry in Australia. If they’re any indication, there should be home owning opportunities aplenty to satisfy demand for residential housing.

The Australian Bureau of Statistics released data regarding residential building work for this year’s June quarter, illustrating the continued strength of home building throughout the country. The $13.4 billion worth of residential building was 2.2 per cent greater than the March quarter and 9.6 per cent higher than the same quarter last year.

According to Housing Industry Association (HIA) Economist Diwa Hopkins, it was the detached house sector which has driven this surge in residential building after a strong preceding quarter for multi-unit building.

“These developments are largely in line with what we have been expecting of the current new home building cycle; that larger improvements in detached house building activity would follow in the wake of the previously strong growth experienced by the multi-unit segment of the market,” said Ms Hopkins in an August 27 release.

Industry representative Master Builders Australia (MBA) was also positive about home building figures. Although overall construction had declined slightly for the June quarter, the strength in residential and commercial construction offset this overall dip.

“Building work done was up strongly in New South Wales, Victoria and South Australia with two consecutive quarters of strong growth in residential building boosted by construction of new housing,” said MBA Chief Economist Peter Jones in an August 28 release.

This should all prove encouraging for buyers looking for property in Sydney and New South Wales. Demand for housing has been outstripping supply in recent times, particularly in the rapidly growing city of Sydney. The news of such a high level of building activity should mean there will be plenty of real estate for buyers to snap up in the coming months and years.

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