Economist forecasts ‘building boom’ in 2015

Economist forecasts ‘building boom’ in 2015

The pessimists might have to quieten down for the time being after building approvals reached record levels in 2014.

The Australian Bureau of Statistics has revealed there were 200,814 approvals last year ? the first time that Australia has passed the 200,000 mark.

That included 17,753 approvals in December 2014, which marked an 8.8 per cent increase on December 2013.

Approvals for private sector houses climbed 4.8 per cent, while approvals for other dwellings jumped 9.9 per cent.

Master Builders Australia chief economist Peter Jones said last year’s record results point to a ?looming residential building boom in 2015? and ?challenge preconceptions that the approvals growth cycle has peaked?.

?The boom in approvals will eventually flow through to increased housing supply and work to help ease affordability pressures.?

Housing Industry Association economist Geordan Murray said while apartments boomed in 2014, detached house approval numbers were consistent on a month-by-month basis.

?Looking at the performance of Australia’s major industries in 2014, residential building was amongst the top performers,? Mr Murray said.

?The low and stable interest rate environment has provided support for demand from home buyers during the year and this situation looks to remain the case throughout 2015.?

Related Articles

Mumblecore shabby chic prism four loko af readymade.

PXR celebrates: Eight & Great

April marks the month of the beginning of Peopleconnexion in…

Peopleconnexion awards Kina Bank’s leaders in Coaching for Leaders program

Last week, we were humbled to conclude our 12-month Coaching…

Our budget breakdown for migration 2022-23

If you tuned into Treasurer Josh Frydenberg’s budget last week,…

How to ensure your resume summary is strong and stands out.

We’ve all been there, stuck between words which we think…

5 P’s for a planned & punctual virtual interview!

Candidate’s do a lot of leg work to get to…

Our PX cultural awareness training journey

What happens when you mix a handful of nationalities together…

Our Peopleconnexion women reflect on women who are strong, influential and inspiring to them.

This International Women’s Day, our women reflect on influential women…

Leaders: How can you take control of your 2022?

In my last article, I considered how some might think…

POWERED BY