NSW apartments dominate year’s housing starts

21.11.13Apartments are already an attractive property option for many buyers, from those looking for a more affordable living space to individuals looking to downsize after a change in their family situation. The good news for these types of buyers is that apartment supply looks to be soaring.

The most recent Housing Industry Association (HIA)-COLORBOND steel Housing 100 Report has revealed that multi-unit dwelling construction in New South Wales has pushed Meriton Apartments to the top of the pack among the country’s residential builders. The report ranks the country’s 100 largest residential builders based on the year’s dwelling commencements.

This year, Meriton Apartments topped the list, with 7,929 dwellings begun in 2013/14 Рall of which were multi-unit dwellings in New South Wales and Queensland. Of this, 7,586 starts were in NSW.

The total number of multi-unit starts for the year was the highest on record, with construction on 18,967 dwellings having begun across the country – helped, in no small part, by the result in NSW.

Meriton Apartments easily outstripped the second place-holder, BGC, which recorded 5,004 housing starts in Western Australia. In at distant third was Alcock Brown-Neaves Group, with 4,142 starts in Victoria and Western Australia.

Overall, these strong numbers helped housing starts to grow by 31 per cent over the course of 2013/14, according to HIA Chief Economist Harley Dale.

HIA’s NSW Executive Director David Bare believed the strong figures were reflective of a a rejuvenated housing market.

“A strong new home building recovery emerged in 2012/13 and continued to gather momentum in 2013/14 and this is reflected in the strong performance of NSW’s top 20 builders,” he said in a September 24 release.

Both he and Mr Dale stressed that this level of activity would have to be sustained over the coming years, in order to accommodate the growing number of home buyers competing for real estate, both in NSW and throughout the country.

Sydney buyers in particular will be pleased with this news. The increase in apartment stock should serve as a lifeline for any buyers struggling to find property in Sydney’s ever-popular central property market.

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