Affordability has been a core concern in Sydney for a while now, but the latest construction figures show this might soon start to subside. The Australian Bureau of Statistics (ABS) recently released its building activity data for the three months to June, which showed a slight quarterly slowdown in construction activity.
However, industry experts are more concerned by the yearly increase that was recorded, showing a 16.9 per cent rise in approvals during the 12 months to June. This suggests that more property in Carlton is entering the market, bringing widespread benefits to buyers.
"The strong numbers of new homes coming through to completion are going to provide additional homes to improve affordability, which has been needed in regions such as Sydney for some time," explained the Property Council of Australia's executive director of residential Nick Proud.
There had been some worries that the Sydney market was at risk of overheating, but if more properties are coming to the market, this might no longer be the case. The number of national completions reached 48,941 for the June quarter, with multi-unit dwellings comprising 40.8 per cent of the total.
Housing Industry Association (HIA) analysis also shows how important the construction industry has been to the overall success of the economy over the past few months. Chief economist Harley Dale explained there have now been three consecutive years of new home building, making it just the fifth time in the past 60 years this has happened.
Dr Dale stressed that home building has been crucial at a time when other sectors have struggled. This has particularly been the case since the slowdown in the resources sector, which has taken hold of the country for the past two years in particular.
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