Moving to Australia: 229,000 extra homes
12 October 2016 by News DeskMoving to Australia: New residential work created a record $58.5 billion of economic activity last year.
Moving to Australia: New home building confirmed its number one spot in Australia’s domestic economy as detached housing hit a new cyclical high in June quarter.
“Given its strong multiplier impact on many other sectors including manufacturing and retailing, new home construction delivered huge economic dividends to the Australian economy in 2015/16,” said Geordan Murray, Economist at Housing Industry Association.
“The volume of new residential work done alone generated a record $58.5 billion of economic activity last financial year, before even considering the massive punch provided to other sectors of the economy.”
“The industry’s contribution to the economy cannot be overstated and it’s timely for governments to turn their attention to opportunities for reform. There are huge gains for productivity and economic activity if the highly inefficient taxation and regulation of new home building is addressed.
This focus needs to be led by the Federal government, which in turn cascades down to state and local government through strong inter-government communication and reform.”
Moving to Australia: 229,000 new homes
In seasonally adjusted terms, detached house commencements increased by 6.9 per cent in the June 2016 quarter.
The increase was primarily driven by a jump in commencements in Victoria, however all three of the large east coast states recorded strong results which contributed to this being the strongest quarter for detached house commencements since early 2010.
In contrast, the number of ‘other dwellings’ commenced (primarily multi-unit dwellings) declined quite sharply, falling by 23.6 per cent in the June quarter. While this was certainly a large decline in the quarter, the fall occurred from the all-time record high reached in the March 2016 quarter.
An upward revision to previously reported figure for the March quarter now shows there were around 32,600 ‘other dwellings’ commenced, which is 13 per cent higher than the next strongest quarter on record.
In the June 2016 quarter, new dwelling commencements increased in Western Australia (9.6 per cent) and South Australia (1.4 per cent).
Commencements fell in Queensland (-15.2 per cent); Tasmania (-13.9 per cent); New South Wales (-13.7 per cent); and Victoria (-8.2 per cent).
Amongst the smaller jurisdictions which tend to be more volatile, commencements fell in the Northern Territory (-50.7 per cent) and the Australian Capital Territory (-30.2 per cent).
Moving to Australia? For expert info and help with buying property in Australia, Click Here
Want to live and work Down Under? Click here for expert help: Skilled Migration to Australia
Want to get a job Down Under? Click here for expert help: How to Get a Job in Australia
Click here for expert help with travel visas: Travel Visas to Australia
Click here for tourist information about Australia: Visit Australia
