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New dwelling commencements continue to rise in NSW

By Louise Morrin

You should be excited for more new property in Carlton. The Housing Industry Australia (HIA) has released its Spring 2014 National Outlook report, which shows data on new dwelling commencements. They forecast home building in New South Wales – and Australia as a whole – will increase.

In terms of national numbers, HIA predicts new dwelling commencements for 2014 will hit 188,000. This would be the highest ever number, beating 1994's total of 187,000. This seems to be their tip of the iceberg as their projection for 2015 and 2016 show the numbers slowly decreasing.

For us here in NSW, HIA claimed that numbers continued to increase but at a lower rate than in previous years. They have estimated a 9.3 per cent growth in new home building for 2014/15, which would be down on the 30.8 per cent in 2012/13 and 16.2 per cent in 2013/14. The HIA saw this as our peak, as the organisation believes new home building will decrease gradually after 2014/15.

HIA Chief Economist, Dr Harley Dale believes that this national boost came at a "crucial juncture" in the economic cycle, but it could have been better. Dr Dale claimed that new home building would be even higher than the projected levels for 2015 and 2016 if the record low borrowing costs were utilised by policy makers, but the high levels were still impressive.

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