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House building commencements point way to recovery

ABS statistics show growth in year-on-year statistics of housing starts.

After two years of decline, housing commencements seem to be on the up again according to yearly statistics.

Figures released by the Australian Bureau of Statistics (ABS), in a revision of its March 2013 quarter release, show that dwelling commencements rose by 11.2 per cent in the year 2012 to 2013. This comes following a 5.9 per cent and 11.1 per cent drop over the previous two years.

Chief economist of the Housing Industry Association Harley Dale said: "We now need to see an acceleration of growth in 2013/14 reflective of a broad-based recovery in housing starts."

He explained that the figure is good compared to recent results and points the way to a house building recovery.

The high consumer activity within the housing market at the moment, driven in part by low interest rates, could also encourage further house building as projects may be invested in to allay fears of a housing shortage.

Posted by Steve Douglas

 
- housing, building, construction, interest, rates

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