Following the growth of new home building during the final months of 2013, the latest Housing Industry Association release (April 16) has illustrated the overarching strength of the recovery that is expected to continue well into 2014.
The number of seasonally adjusted dwelling commencements seen during the final quarter of 2013 increased by 8.2 per cent, with multi-unit commencements making up the lion's share of this – rising by 21.3 per cent over the period. This could be great new for anyone interested in building real estate in St George in the coming months.
HIA Economist Geordan Murray said the data was good at highlighting the overall strength of the nation's building industry at the end of 2013, which has translated into a strong beginning for 2014.
"Original figures show there were 47,326 dwellings commenced in the December quarter which was the strongest quarterly result since 2002, even surpassing the highs during the period impacted by the global financial crisis stimulus," said Mr Murray in an April 16 statement.
More specifically, New South Wales saw an overall growth of 2.8 per cent in building commencements during the final quarter of 2013, highlighting the potential for investment property in Carlton.