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Broad Recovery for Residential Construction

By Louise Morrin

New South Wales is set to drive dwelling construction in 2014 with support from Queensland and Western Australia, according to a February 28 release from the Housing Industry Association (HIA).

Those wishing to secure real estate in Carlton may benefit from future construction in the popular Sydney suburb.

The HIA's National Outlook: Summer 2014 predicts "broad based recovery" in the residential construction sector, but is aware of potential challenges facing the industry, too.

"Our latest set of forecasts suggests that the housing industry will be one of Australia's good news stories over the next 12 months," announced HIA Senior Economist Shane Garrett. 

Benefit for Australian economy

The HIA is taking a proactive stance when it comes to advocating the importance of Australia's dwelling industry. 

"In advance of the federal budget in May, we intend to emphasise the role a stronger housing industry can play in supporting economic growth at this time," noted Mr Garrett.

Mr Garrett also pointed out the importance that reforms could play in improving the nation's housing sector. 

Reforms could be pitched at planning, taxation and infrastructure in relation to the residential construction industry. 

Should the HIA's suggestions be taken on board by policy makers, this could "enable housing to make a larger contribution to boosting the economic outlook," stated Mr Garrett.

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