Confidence in residential property market strong
Master Builders Australia (MBA) have released a statement welcoming the continued growth in the residential property market as dwelling commitments continue to rise.
The statement follows a report from the Australian Bureau of Statistics (ABS) showing the total number of dwelling commitments up by 5.2 per cent in March, seasonally adjusted.
Peter Jones, Master Builders Australia's chief economist, is positive about the growths but has measured expectations for the sector.
"The solid improvement in March comes off the back of a positive housing finance figure in February but the industry is not ready to count its chickens before they hatch," Mr Jones said.
Further commitments for dwelling projects are good news for anyone looking at buying a house as more growth in the sector means less demand.
Mr Jones is looking further to the future for signs of a real recovery.
"There needs to be a much longer run of positive figures to confirm a recovery.
However, builders may be relieved to see these figures, which suggest that new housing activity may have finally found a trough," he said.