Predictions for the building market
The new residential dwellings market has picked up in late 2013 and during 2014. This growth is predicted to continue for the next three years. These forecasts are from the Master Builders Association. The forecasts are derived from a sophisticated model purposely built for the building and construction industry developed by the Master Builders Association in collaboration with Independent Economics.
The three year forecast for the residential building sector is extremely positive. The value of residential building work done is forecasted to grow from $51 billion in 2013–14 to $68 billion in 2016–17. This will see the number of dwelling starts to exceed 200,000 during this timeframe.
A spokesman from Master Builders Australia said there will be good growth in both detached houses and apartments, however the period will see the construction of detached housing making a strong comeback.
“However, the construction of detached houses which has been lagging a little bit is now playing a very strong game of catch up. In June 2013, there were about 93,000 houses that had been built but by June 2017, there is going to be about 122,000”, Master Builders spokesman Ben Carter said.
In its findings, the Master Builders Association forecast Western Australia as one of the stronger performing states.
For full details on this report, please go to http://www.mbansw.asn.au/