New housing numbers on the rise

New housing numbers on the rise

Posted on Monday, October 14 2013 at 11:23 AM

Dwelling commencements increased by 11.2 per cent for the 2012/13 year, according to recent figures released by the Australian Bureau of Statistics.

The increase follows two
years of decline and is being labeled an ‘encouraging recovery’ by Housing
Industry Association chief economist Harley Dale.

“A substantial upward
revision to the March 2013 quarter contributed to housing starts surpassing the
160,000 mark in 2012/13, reaching a level of 161,043. That is a healthy figure
by recent standards and certainly a promising first round recovery for new home
building,” Dale says.

“We now need to see an acceleration of growth in 2013/14
reflective of a broad-based recovery in housing starts. That outcome will
require further upward momentum in New South Wales and Western Australia,
together with a re-emergence of sustained growth in other markets.”

Dale says low interest rates and improved market confidence
would assist with aiding the new housing recovery.

The June 2013 quarter data
shows healthy gains in dwelling commencements in Queensland (up by eight per cent), South Australia (up by six per cent), Western
Australia (up by 11.3 per cent), Tasmania (up by 15.6 per cent), and the Australian
Capital Territory (up by 107.6 per cent). Quarterly declines were recorded in
NSW (down by eight per cent), Victoria (down by 2.2 per cent), and the Northern
Territory (down by 15.1 per cent).

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