More residential Australian property is set to be built in the near future, according to the Housing Industry Association (HIA).
According to its latest National Outlook, an increasing trend for new house starts is set to continue through to 2014 and will be concentrated in states such as New South Wales, Queensland and Western Australia.
Senior economist at HIA Shane Garrett says that by 2016 to 2017, there will be approximately 170,000 new dwelling commencements each year.
He said: “Record low interest rates and strong population growth is driving increased demand for housing. In this context, it is absolutely crucial that planning reforms and infrastructure delivery facilitate the requisite supply of new housing."
In another recent report, HIA noted that building approvals in Australia had reached a three-year high having seen a 14.4 per cent. This brought the total of number of approvals to 16,318, not seen since the property price boom of 2010.
Posted by Steve Douglas