Western Australia still holds the strongest residential building market in the country, new figures from the bi-annual Housing Scorecard report show.
However, the report by the Housing Industry Association (HIA) revealed this record may not last long as it may be grabbed by Queensland.
“The recovery in Queensland continues to gather momentum. The analysis shows the improvements can be attributed to a boost in multi-unit home building. While Queensland still ranks as the second weakest jurisdiction nationally, the margin to the states sitting mid-table has narrowed markedly,” HIA economist Geordan Murray said.
“Overall, the Scorecard shows that WA and NSW have caught up to Victoria in terms of historically high levels of new home building activity. However, activity in these states no longer appears to be rising. At this point in time, future growth hinges on the capacity of the Queensland market to sustain the recovery.”
The report also noted a slide by the ACT from fourth place to sixth place.
“Lower levels of activity in multi-unit segment drove the decline, although there were also emerging signs of weakness in the ACT’s detached house building market,” Murray added.
The HIA Housing Scorecard provides benchmarks on the contemporary performance of 14 key indicators of activity in residential building against long term averages in each state and territory. Information is combined in a scoring system to generate a ranking of the relative strength and weakness of residential building conditions across Australia.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now