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Residential construction commencement levels reach new high
Residential construction commencement levels in Australia have reached a new quarterly record high during the September quarter.
Australian Bureau of Statistics data shows that across Australia 55,532 dwellings commenced in the three months to the end of September 2015. This is an increase in construction commencements by 0.5% compared to the June quarter. Nationally across the previous 12 month to the end of September 2015 construction commencements rose by almost 11% to 215,329. The year to end of September value is 15% above the previous record of ~187,000 new dwelling commencements in 1994.
At the national level new dwelling commencements may have reached new highs but on a State by State basis the levels varied greatly.
Construction commencements by state were as follows:
- Northern Territory +17.4%,
- New South Wales +2.4%,
- Western Australia +1.7%,
- South Australia +1.2%,
- Australian Capital Territory +0.4%,
- Queensland -1%,
- Victoria -3.8 %,
- Tasmania -20.7%.
The Housing Industry Association has forecast that in 2016 Australian will maintain strong levels of new dwelling commencements though unlikely to reach new highs.
It is forecast that 2016 will bring a change in the mix of what is built and large geographical divergences across states and territories.
It is forecast that there will be increases in the short term for: detached houses; semi-detached dwellings (of two storeys); and units of one or two storeys. Geographically, the eastern seaboard markets are likely to remain strong, with some potential for the southeast corner of Queensland but New South Wales and Victoria remaining the strongest housing markets.
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The post Residential Construction Commencement Quarterly Record appeared first on Oak Laurel.
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