“Pent up demand for new homes”
The forecast has been made, and it’s more positive than Sydney’s current weather. HIA reports are showing that the future is bright for construction in Australia. Years of pent up demand for new housing is coming to a peak, and the construction industry is set to increase the supply of dwellings to the hordes of Australians wanting to buy a new home.
“A boom in new home builds to take place throughout 2015”
Consistent economic growth, combined with low interest rates has seen an increase in building project approvals across the nation. With suppliers to the building industry set to cash in on the predicted boom in housing, Australia will benefit from a creation of jobs, investment in public infrastructure, and a general shift away from the current reliance on the mining sector. However, with trends being toward the development of multi-residential buildings, a general weakness in the renovations market, and a shift in the type of materials being used by the construction industry, some suppliers could miss the boat.
“NSW and QLD growth to lead the way”
Of particular note, NSW shows the most promise. The HIA predicts that NSW could see up to 5% sustainable growth (48,680 to 50,870) in the new build market through to the end of 2015. Furthermore, significant commercial projects such as the Greenway development at Marsden Park will provide a welcomed boost to the construction industry. QLD is set to follow in NSW’s footsteps with residential new builds increasing from 37,020 to 40,000 in the same period. With years of low building activity and pent up demand, it’s all hands on deck for QLD’s building and roofing industries.
“Trades people in short supply in WA”
If you have a trowel and a wheel barrow, now is a good time to head to WA. Although the state saw a slow-down in new builds throughout 2014, WA is set to return to the build levels witnessed in 2013. Builders and roofers alike are in high demand at the moment. Whether this is sustainable, or heading for a plateau later in 2015 will remain to be seen.
“VIC showing signs of recovery”
VIC has suffered from a slower economy and manufacturing sector of late. Although an ease back is expected over the next year, new build and renovations are currently at the highest they have been for years.
Positive economic outlook is the theme for 2015, so I hope you’ve enjoyed your holidays, now let’s get ready for the construction ramp up in this New Year!