October marked another month of mixed results for the residential construction sector, but apartments were the exception to the rule.
Results of the latest Australian Industry Group/Housing Industry Association Australian Performance of Construction Index show apartment building recorded their strongest growth in 10 years. Its index reading increased 9.2 points from the previous month.
House building, on the other hand, was down for the first time in five months and down from the 11-month high recorded in September.
Whether the rise in apartment building continues will largely depend on whether people are keen to buy property in Carlton and other parts of the country.
"Expectations of further growth in the months ahead will be encouraged by the higher levels of new orders recorded for the apartment, engineering and commercial construction sub-sectors," noted head of policy at the Australian Industry Group Peter Burn.
In recent days, details of national building approvals were released by the Australian Bureau of Statistics. It revealed that the trend estimate for the number of homes given the go ahead fell 1.8 per cent in September. This marked the sixth month of declines in a row.
There was also a fall in the total value of building approved, which have fallen for two consecutive months. Residential construction was also down 1.1 per cent.
The popularity of apartments has been growing for some time, but how do you make sure you find a brand new property in Carlton that meets all your needs? Getting in touch with an experienced real estate agent is a good place to start, as they can point you in the right direction.
Ray White Carlton has many years of experience in the local market, as well as specialist knowledge to guide you through the process of buying property in Carlton.