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Strong residential construction expected early in 2015

By Louise Morrin

The possibility of making moves into the local real estate market and securing a property in Carlton could be on the horizon for buyers, with the latest Housing Industry Association (HIA) New Home Sales report highlighting the strength of the nation's new home building sector heading into 2015. 

According to HIA economist Diwa Hopkins, the number of sales seen over 2014 grew significantly over the year, finishing out at a huge 14.4 per cent more than those seen in 2013. This could offer some insight into the national market, and provide potential investors the information needed to commit to property decisions. 

Ms Hopkins said the latest official cash rate drop – which has left the rate at the historic low of 2.25 per cent – will be one of the main changes to take into consideration heading into 2015. 

"The two key leading indicators of new home building activity, new home sales and residential building approvals, both saw increases during the December quarter of 2014," said Ms Hopkins in a 5 February statement. 

"This is a clear indication that actual residential construction activity will rise in the current early months of 2015, which is good news for the broader domestic economy in addition to the housing sector."

Now could be a great time to get in touch with a real estate agent and start looking into the property options available in the local community. 

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