The Australian property market has seen some significant growth over the last few years. After the official cash rate was cut in August 2013, there was increased sales activity for both new and established properties across the country.
However, the new challenge facing the real estate market is the Federal Budget, which Master Builders Australia's chief economist Peter Jones said needs to reinvigorate the housing market and help boost construction and dwelling purchases.
Bringing construction and purchase figures back up should be a major focus, as housing commitments fell by 0.4 per cent over the course of March.
"Construction of new dwellings is a key indicator of the health of the residential building sector and the dip in March reinforces the need for the Budget to boost confidence to maintain the momentum of the housing recovery," said Mr Jones in a 12 May statement.
The recovery of these figures could be great news for people interested in purchasing investment real estate in Carlton or undertaking their own housing construction projects.
If you're interested pursuing property in the near future, it could be worth getting in touch with a Carlton real estate agent to begin investigating the local market.