New home building improves
More and more people are realising the Aussie dream and building their own home, recent figures ...
More and more people are realising the Aussie dream and building their own home, recent figures suggest.
According to preliminary data released from the Australian Bureau of Statistics this week (February 27), residential property construction finished 2012 on solid ground, after showing consecutive months of improvement.
Housing Industry Association (HIA) senior economist Shane Garrett said the latest results are a positive sign for Australia's real estate market.
"Taken with other data published recently, these figures indicate that a tentative recovery may be underway in the residential construction market," Mr Garrett commented.
Residential building volumes in the three months to December increased 1.7 per cent from the previous quarter - a figure that was underpinned by a 2.2 per cent growth in new home numbers.
"It is encouraging that the actual volume of residential building work has increased for the second successive quarter following more than a year of declines," Mr Garrett added.
Queensland trumped the nation in terms of residential building growth, with an 8.7 per cent increase in the quarter, while Victoria saw activity lift 4.5 per cent.
By comparison, Tasmania was the poorest performing state, with an 8.2 per cent decline - followed by Western Australia with a 7.5 per cent fall in new home building.