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Strong construction aids affordability

By Louise Morrin

Home buyers are being given access to a greater range of affordable real estate in St George as a result of a pickup in construction activity, one group has suggested.

The Property Council of Australia commented on the latest official building data, which pointed towards a strong pipeline of construction activity. The value of new construction work increased three per cent in seasonally adjusted terms during the three months to September.

This is far from a short-term trend, as the result was 10.6 per cent higher than the September quarter of last year and up 11.8 per cent over the past 12 months.

Have building approvals reached their peak?

Executive director of residential Nick Proud emphasised that the residential construction boom may now have reached its peak, which is an assessment the Housing Industry Association (HIA) agrees with.

"The figures show good annualised levels of activity is flowing through the residential industry and the industry is in the midst of a strong patch, however supply side efficiencies will be needed to support long term activity," noted Mr Proud.

The HIA believes residential property prices have now reached their highest point, potentially meaning demand for real estate in St George could improve as a result of increased affordability.

Chief economist at the HIA Harley Dale said the focus now needs to be on making sure taxation reform is able to support the wider industry. It's policymakers' duty to put these measures in place to construction and affordability can continue to thrive.

How to find affordable real estate in St George

Any capital city property market can be difficult to navigate, and Sydney's is certainly no exception. If you need a helping hand finding real estate in St George that fits within your budget, speak to the team of property experts at Ray White Carlton.

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