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$44bn of new homes in Australia

23 January 2016 by News Desk

property_forSale1A record number of new homes are being built in Australia as a result of the current housing boom across the country.

A total of $44 billion of construction work is in the pipeline, a 13.4% increase on 2014 with construction work starting on a record 215,053 new homes during the year to September 2015.

In the last three months of 2015, construction of new homes across Australia increased in five states. New South Wales saw a 2.4% rise; South Australia a 1.2% rise; Western Australia a 1.7% rise; Northern Territory a 17.4% rise while the ACT has seen an increase of 0.7%.

The number of new homes being built in Victoria has fallen by 3.8%; Queensland has seen a 1% fall and Tasmania has seen new construction fall by 20.7%.

Across Australia, construction of new homes is currently running at a level higher than the decade average. New South Wales and Victoria have seen a record number of new homes with NSW currently at 60.7% higher than the decade average.

Construction of commercial building has also increased, to a total of $28.95 billion in the year to September 2015.

Darrell Toff of thinkingaustralia says: “The continuing strength of the Australian housing market will continue to support the economy over the coming year and, as a result, there is no current rush by officials to increase mortgage interest rates.”

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