Residential property building increases across Australia
Favourable economic conditions and low interest rates seem to be having an effect on Australian house buyers, with more people building their own homes across the country.
According to preliminary figures from the Australian Bureau of Statistics (ABS), residential construction activity during the September quarter has improved, indicating renewed confidence in the real estate sector.
"It is good to see the aggregate volume of residential building work tick up by 0.6 per cent over the quarter following five consecutive quarters of decline," Housing Industry Association (HIA) economist Geordan Murray said yesterday (November 28).
"However, despite the quarterly improvement, September still looks like being one of the weakest quarterly results in the last decade which highlights the length of the road back - the total volume of work done over the 12 months to September 2012 was 5.7 per cent lower than the same period in 2011."
During the September quarter new residential building improved by 0.9 per cent, including a 0.5 increase of work on new detached dwellings and a 1.9 per cent lift on multi-unit properties.
Renovation work decreased by 1.5 per cent, resulting in a 0.6 per cent improvement across the board.