New housing is on the rise in New South Wales.
Housing Industry Association (HIA) Chief Economist Dr Harley Dale said that while there was a 2 per cent decrease in dwelling commencements during the September quarter of 2013, over the 12 months to September, there were 163,250 homes commenced. This marks the highest level recorded since 2004.
"The overall recovery in new dwelling commencements since the trough in March 2012 is still being driven by New South Wales and Western Australia, although Queensland is showing clear signs of improvement," Mr Dale said.
"The recovery is also being driven primarily by other dwellings (multi-units) rather than detached housing. Both segments are growing, but annual commencements for detached houses are 9 per cent below their 20-year average while commencements of multi-units are running 35 per cent above their 20-year average."
Regardless of the housing type, it's clear that more commencements is good news for first home buyers in NSW, as more construction can offer wider variety and more competitive pricing.
Now might be a good time for those considering real estate in Carlton to get in touch with professionals regarding making a home purchase.