New dwelling commencement figures highlight growth of market during March quarter
The strengthening real estate market across Australia has been developing over the last year, which is great news for those interested in buying a property or selling their own home in the future. But the construction industry has also been experiencing growth spurts during the last few months, with the demand for new real estate growing nationwide - especially as the population has continued to grow over the last year.
Recent data released by the Australian Bureau of Statistics has highlighted the growth during the March quarter, which found new dwelling commencements increased by 8.7 per cent across the entire nation. Furthermore, detached homes saw a huge 12.8 per cent growth over this period as well, with Housing Industry Association Chief Economist Harley Dale stating that all states and territories except South Australia experienced this growth.
"The annual level of new dwelling commencements is at its highest since late 2010 and at 176,891 is approaching historical peaks, with further upward momentum to come. At a time when the economy is generally regarded to be under-performing, new home building is achieving the opposite outcome," said Mr Dale in a July 16 statement.
The Australian Capital Territory saw the largest degree of growth, with new dwelling commencements rising by 31.6 per cent during the three month period. Furthermore, Victoria (15.4 per cent), Western Australia (12.1 per cent), the Northern Territory (5.9 per cent), Tasmania (5.3 per cent), New South Wales and Queensland all saw growths, the last two rising by 2.5 per cent and 1.3 per cent respectively.
"Given the reach of the sector into parts of the retail, manufacturing, and supply sectors, new housing is providing a crucial economic dividend for the nation. The challenge is to harness this momentum and use it as the platform for enacting real housing policy reform. We need to lock in a structural increase in the number of homes we build in the years ahead if we are to successfully house our growing and ageing population."
With the rising growth of new dwellings across the nation, now could be the perfect time to consider looking into buying land and investing in new residential property developments. With the growth of Australia's population expected to continue rising into the future, this could prove to be a lucrative pursuit to follow.