New dwelling construction in the residential sector has performed impressively this year with a value of $51 billion. Master Builders Australia forecasts this to grow to $68 billion in 2016 – 2017, exceeding the 200,000 properties in the market around that time.
The strong growth in construction has been driven by units and apartments for the past year, with around 70,000 apartments built as of June 2013. Detached houses are set to follow suit despite a slow start, with only 93,000 houses built at the same time. Forecasts show that built houses will balloon to 122,000 by June 2017. The strong growth in residential property will continue to be driven by the low interest rates to address demand and rising population in the country.
Read more about this on Your Investment Property website.