Strong residential building activity reported for June quarter

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The ABS observed solid and stable building activity for the June quarter, with a good number of residential commencements flowing through to completions in ABS seasonal terms over the year to June of 2015.

Housing commencements for the June quarter clocked in at 53,314 starts, which is down 3.2% from the previous quarter but climbed to 16.9% over the year, hitting a total of 211,976 commencements, according to the latest information from ABS’ Building Activity report.

The report noted that the completions activity continued to carry through, reaching 48,941 for the quarter and posting an annualised 189,239 homes completed in seasonal terms. Of the completed buildings, 40.8% of the total homes were multi-unit residential projects.

“The strong numbers of new homes coming through to completion are going to provide additional homes to improve affordability, which has been needed in regions such as Sydney for some time,” said Nick Proud, executive director of Property Council of Australia.

Proud also cited what buyers should expect for the current period.

“Multi-units completions leaving the pipeline over the coming 6 months will be stronger than they historically have been, which is expected to provide options for those looking to buy and rent.

“The commencements have definitely hit a peak, however the completions should sit at these levels for at least another quarter or two as the pipeline of homes gets built,” he added.


 

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