Housing industry to improve: HIA
Housing industry to improve: HIA
Posted on Friday, February 28 2014 at 2:16 PM
A gradual and steady improvement across the housing industry is expected to continue through 2014, according to the Summer 2014 edition of the Housing Industry Association’s (HIA) National Outlook.
The report highlights a growth in residential construction investment,
an increase in new dwelling commencements and an improvement in renovation
activity.
HIA senior economist Shane Garrett says while he expects the property
market across Australia to improve, states such as Tasmania and Victoria will
still face challenges.
“We believe the RBA will leave its interest rate unchanged for the
remainder of this year at least. This will underpin strengthening activity in
housing and arrest the deterioration in housing undersupply experienced over
the past decade,” Garrett says.
“Renovation activity has struggled over the past five years, but we see
light at the end of the tunnel here also.”
Garrett says an improvement in the housing industry will support
economic growth as reforms to planning, infrastructure charges and taxation
assist growth.
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