Dwelling unit commencements rise 8.2% quarter-on-quarter
Recovery in new home building is evident, the Housing Industry Association (HIA) noted in an April 16 statement. For those seeking home mortgages, now may be the time to act.
The HIA's comments come on the back of the Australian Bureau of Statistics (ABS) releasing data on building activity across the country on the same day.
Dwelling unit commencements increased 8.2 per cent quarter-on-quarter in the final quarter of 2013 in seasonally adjusted terms, according to the ABS.
Between the 2012 and 2013 December quarters, dwelling unit commencements rose by 9.4 per cent, highlighting strong yearly growth across the country as well.
In seasonally adjusted terms, the value of total building work done in the December quarter amounted to $20,954,600. Of this, new residential building work accounted for $10,448,900. There was a slight dip in the value of the work done quarter-on-quarter (-1.1 per cent).
This was followed by $1,735,500 worth of alterations and additions to residential buildings, while $8,770,200 was spent on non-residential building work.
Despite a slight dip in the value of new residential building work, dwelling unit commencements showed strength.
This indicates that the industry is certainly in a state of recovery, sentiment that has been echoed by the HIA.
"[The] data provides confirmation of what leading indicators had been implying - the new home building industry rounded out 2013 on a strong note. Original figures show there were 47,326 dwellings commenced in the December quarter which was the strongest quarterly result since 2002, even surpassing the highs during the period impacted by the GFC stimulus," announced HIA Economist Geordan Murray.
The most significant contributor to strong dwelling commencement growth during 2013's final quarter was from Victoria, noted Mr Murray.
The state witnessed a 33 per cent increase in multi-unit commencements month-on-month, with an overall rise in dwelling commencements of 11.3 per cent.