200,000 new homes in Australia20 July 2015 by News Desk
Around 220,000 new homes were built in Australia in the past year, with a rise of 8.6% in the first three months of 2015.
Across the country, a total of 219,000 new homes will have been built this year with a forecast slightly lower rate of 202,000 to be built in 2016. This compares to an average 155,000 new homes built each year between 2005 and 2012, according to the Australian Bureau of Statistics, whose latest figures show that commercial building construction rose by 1.3% in first three months of this year.
Across the various States, there have been ‘significant’ increases in residential construction in Victoria, and Queensland, with a small rise in New South Wales where fewer homes have been built compared to the number of homes actually approved for construction.
The number of residential properties being built in South Australia, Western Australia, Tasmania and the Australian Capital Territory (Canberra) has fallen so far this year.
The apparent slowdown in new homes construction is largely accounted for by the recent trend in high-rise apartments (units) which take longer to build and bring to market. 40% of new homes in Australia are now high-rise apartments (units), an increase of 10% compared to previous construction booms.
The rise in commercial and non-residential construction is being driven by an increase in construction of short term accommodation, education and aged care building.
Darrell Todd, ceo of thinkingaustralia, says: “Demographic trends in Australia show a continuing need for more construction of buildings in the education and health sectors, which will require a corresponding increase in skilled workers in the construction industry in coming years. Meanwhile, the rise in new housing starts is forecast to continue well into 2016”.