New home starts in Australia hit all-time high, latest data shows

Taylor Scott International News

More new homes in Australia were started in the September quarter of 2014 than in any quarter since records began in the mid-1980s, the latest figures shows. Building activity figures from the Australian Bureau of Statistics shows that detached dwelling commencements increased by 0.8% in the quarter while ‘other dwelling’, predominantly multi-unit dwellings, rebounded by 30.2%. In aggregate, the total number of dwellings commenced increased by 12.5% in the quarter to reach 52,380, a new record. With New South Wales, Victoria, Queensland and Western Australia, the four largest states, all recording their strongest quarters on record for multi-unit dwelling commencements at the same time, there is little surprise that activity reached a new record, according to the Housing Industry Association. ‘Furthermore, another incremental increase in detached dwelling starts sees this part of the market record the strongest quarterly result since 2010. This result confirms that residential building activity was tracking along at a very strong level during 2014,’ said HIA senior economist Shane Garrett. ‘However, part of the particularly strong September quarter result can be attributed to a catch up after the rather disappointing result in the June quarter when the number of starts fell well short of expectations,’ he pointed out. ‘Following the surge in residential buildings approved in late 2013 and early 2014, there was a substantial accumulation of multi-unit residential building projects that had obtained approval but did not commence construction in the first half of the year. The figures confirm that much of the activity in the pipeline entered the construction phase in the September quarter,’ he added. A breakdown of the figures show that new home starts increased in all states with the exception of South Australia where activity fell by 5.7%. Activity in New South Wales increased by 30.7%, in Victoria by 0.9%, in Queensland by 18.1%, in Western Australia by 5.1%, in Tasmania by 2.9%, in the Northern Territory by 9.6% and by 22.8% in the ACT. Continue reading →

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