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Home building activity set to be strong for 2014

By Louise Morrin

New data from the Australian Bureau of Statistics has shown more and more people are buying brand new dwellings across the country. While this activity helps to cool price growth in certain areas, experts say this behaviour paints a bright picture for building for the remainder of the year. 

More buyers taking out loans for brand new real estate in Carlton means there's a higher amount of residential construction work being done. Housing Industry Association (HIA) economist Diwa Hopkins predicts "home building activity should continue its strong recovery as we progress through the second half of the year".  

Already, new home lending over the 2013/14 financial year has risen by 12 per cent, helped by low interest rates. However, with more available properties hitting the market, prices have begun to respond positively for buyers. 

"There are already signs that the improved supply of dwellings may have taken some of the heat out of price growth, with dwelling price growth decelerating in 2014," Ms Hopkins said.

With house prices falling and new home building predicted to continue, the coming months could present a ripe market for new buyers in the Carlton region. 

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