The year might not be over just yet, but the property industry is already looking ahead to what the next 12 months could have in store. The RDC CoreLogic RP Data Australian Residential Development Outlook Spring Edition has been released, showing that the success of 2015 has every chance of being able to continue.
"Although there are some indicators that have softened, the demand for new housing remains positive following rising household wealth, competitive financing costs and increasing population," said Property Council residential executive director Nick Proud.
There's also the fact that more properties are entering the market. Construction levels have picked up over recent months, which gives buyers of real estate in St George more choice, while helping to improve affordability.
The Australian Industry Group (Ai Group)/Housing Industry Association Australian Performance of Construction Index revealed it's the residential sector that is currently leading the charge. Head of policy at the Ai Group Peter Burn explained how it "held the overall construction sector above water in September".
Apartment building expanded at its strongest rate in the past 13 months, marking a month-on-month increase of 4.5 points. Meanwhile, house building reached an 11-month high.
The Residential Development Outlook showed that increased levels of construction are essential for various components of the property sector. As the country's population grows, there's an even greater need for home building levels to be sustained – and the low interest rate means people have an extra incentive to buy new homes.
Analysts also predict house prices will start to fall next year, which could give even greater reason for people to secure their first piece of real estate in St George. If the official cash rate stays low, the market could truly be working in buyers' favour before long.