Figures from the Australian Bureau of Statistics (ABS) shows that new residential construction has been booming across the country, and is a beacon of positivity in the nation's less-than-stellar economic environment.
In the June quarter, 53,314 dwellings had commenced building. While this represents a slight slowdown of 3.2 per cent on the March quarter, it contributes to the 211,976 housing starts in the 12 months up to this period.
Housing Industry Association (HIA) Chief Economist Dr Harley Dale notes that this is an increase of 16.9 per cent and is a record figure that trumps three straight years of home building growth. The report from the HIA has called the sector the 'star performer of the Australian economy'.
Interestingly, new apartments and semi-detached housing are seeing plenty of activity. According to the Property Council of Australia, multi-unit residential construction occupied 46.2 per cent of the year's total commencements.
There's been a vast difference in growth figures between the states and territories. Surprisingly, property hotbeds like New South Wales and Victoria registered respective declines of 1.6 and 0.5 per cent, according to ABS figures.
However, the Australian Capital Territory took the crown in this sector, recording a staggering increase of 76.4 per cent in new dwelling commencements.
This means that people looking to live in Belconnen real estate will have a vast range of options to choose from now in the coming years.
With so many new homes being built in the region, you might feel it's your time to settle into Belconnen property. Get connected with Ray White Belconnen, and we'll work with you from start to finish to ensure you end up with a winning home.