News & Blog
Mar 17, 2016 at 10:15 am | 0 Comments
It has been expected by Housing Industry Association Australia that housing construction that boosted to record levels last year, can now face a slowdown in the coming years.
According to HIA -Australia started work on 220,000 new dwellings in 2015, a record high, but added that Australia is coming off an unprecedented up-cycle, from which “there would be a subsequent large decline”.
As per the housing lobby forecasts, the reduction in activity will accelerate during 2017, and bottom out in the 2017/2018 financial year at around 160,100 starts.
At this HIA chief economist Dr Harley Dale said, “Looking beyond the current cycle, a strong focus on housing supply and policy reform is crucial to Australia’s future economic and social prosperity. Australia will fail to achieve this objective without Federal Government leadership and involvement in housing policy reform, including strategic planning for the future housing and residential infrastructure requirements of our growing and ageing population”.
In contrast to new home constructions, renovation is expected to follow up, which was slow in the last year. Further information of what will happen actually, can be known form the data that will be collected in the coming time.
Keep watching this space to stay updated.
News Source: https://www.abc.net.au/news/2016-03-16/housing-construction-to-slow-sharply-later-this-year/7251714