$24bn of new homes for Australia26 November 2015 by News Desk
Over $24bn of new homes were constructed in Australia between July and September this year.
Latest figures show a 6.4% rise compared to the same three months in 2014. Across the country, a total of $49bn of construction work was completed.
The main residential construction hotspots are Victoria, New South Wales and Melbourne with Australia’s house-building boom driven this year by a growing population and low interest rates.
Building work in the “other residential” sector (apartments, units, townhouses) is at record highs in Victoria, New South Wales, Queensland, and Western Australia, with Brisbane and Melbourne in particular seeing major growth in high rise apartments.
While residential construction has risen, there has been a 1.9% fall in non-residential building. Engineering construction also slowed in the three month period. The total value of engineering construction work between July and September was $25 billion, with $2bn spent a major LNG project in the Northern Territory.