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‘New home starts increased in s...

‘New home starts increased in some areas of Australia’

New home starts increased in Australia, with some areas of the country seeing a 26.6 per cent boost.
In the final quarter of 2013, new home starts in Australia increased 8.2 per cent overall, reaching highs in particular areas, according to figures from the Australian Bureau of Statistics.

This means this sector of the real estate market is on its way to recovery, suggests the Housing Industry Association (HIA).

The statistics show that in the last three months of last year, the number of new home builds increased by 8.2 per cent, in seasonally adjusted terms.

In some areas of the country the hike was much more significant, with the number of new dwelling commencements growing by 11.3 per cent in Victoria, 15.8 per cent in Queensland and 25.2 per cent in South Australia.

However, not all parts of the country experienced a boost, as there was a 1.3 per cent decline in Western Australia, a 13.3 per cent drop in the Australian Capital Territory and by 26.6 per cent in the Northern Territory.

Geordan Murray, an economist at the HIA, commented: “The data provides confirmation of what leading indicators had been implying, that the new home building industry rounded out 2013 on a strong note.”

Posted by Steve Douglas

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