Australian builders optimistic for growth in construction sector
The short-term outlook for building and construction may be tenuous, but mid- to long-term expectations from a national survey of 500 builders' shows promise of growth in the sector.
"As a major driver of economic growth and employment, a strong recovery in the building and construction sector is vital for Australia’s economy," said chief economist of Master Builders Australia Peter Jones.
The survey, released yesterday April 7th, suggests previous interest rate cuts are starting to take effect, says Jones.
Nevertheless in the short-term, builders have yet to see a benefit from the reductions. After last week's decision by the Reserve Bank of Australia to leave the cash rate unchanged, the wait for those builders may be a little longer.
However, "expectations for industry activity and own business activity also rose to levels above the survey’s neutral reading", said Jones.
This is good news for anyone looking to buy or invest in residential and commercial properties in the mid- or long-term, with potential for more options becoming available as builders across the country fill their schedules with projects.
Equally, now would be a great time to look into land investment as the construction sector is tipped to grow.