The Housing Industry Association (HIA) believes new house building in Australia will increase for a third consecutive year in 2014/2015, to 7.7%.
This means housing starts could go to a record level of 195,936, while renovation activity is expected to be up by 0.2% in 2014/2015.
However, the HIA also believed that “this is likely to represent the peak in the current cycle, although the heightened uncertainty that comes with breaking records means further growth shouldn’t be ruled out”.
HIA added that after the highs in dwelling commencements, declines are also expected by 5.7% in 2015/2016 and a further 4.7% in 2016/2017.
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