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Bright outlook for home building

By Louise Morrin

Buying a property in St George or many other areas of Sydney can be a hard feat. After all, the number of Sydneysiders keeps on growing, putting a lot of pressure on the housing market. 

While this is a big plus for investors and anyone selling property, it can become a barrier for anyone entering the market. 

Fortunately, there's a bright outlook ahead for the residential construction sector in Australia. 

Figures from the Housing Industry Association (HIA) forecast new home building to rise by 7.1 per cent this year. This will mean new dwelling commencements will hit a high of 180,000.

Not only will this help to provide new houses for the growing number of Sydney residents, but it may put downward pressure on high property prices seen in the state capital. 

"New home building is forecast to reach its second highest level on record in 2014, while renovations activity will begin recovering from a ten year low," HIA Chief Economist Dr Harley Dale said in a statement. 

With RP Data reporting median house values hitting the $678,500 mark in May, more available homes for sale will be a welcome result for Sydney.

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