2015: Year of new home building in Queensland
In Chinese culture, 2015 is meant to be the year of the goat. Meanwhile, for the United Nations, these 12 months are decidedly the international year of soils. However, if you're looking to buy property in Narangba, Burpengary or other areas of Queensland, you might be forgiven for thinking 2015 is the year of new home building.
Previous months have already been stellar for the Sunshine State. Just last month, the Housing Industry Association (HIA) reported that it saw its new home building approvals surge by 16.3 per cent, while states like Victoria and New South Wales declined, sometimes by a larger ratio. It seems this trend shows no signs of slowing down, with Queensland's home building set to keep impressing for some time yet.
"Overall levels of residential building activity in Queensland will still be strong for the next year or two as there will be a high level of work that will be completing," said HIA Queensland executive director Warwick Temby.
"Detached home building is expected to continue to increase into 2017 as more land for building comes onto the market and interest rates stay at very affordable levels."
Mr Temby did note, however, that dwelling starts will most likely reach a peak next year, while continuing to post big numbers. While 43,000 commencements are expected for this year, this number will drop to 42,000 in 2016.
According to the HIA, this drop can be laid at the feet of multi-unit dwellings. While multi-units have played a vital role in the ongoing strength of new home building in the state, they are expected to slow down sometime in 2016.
On the bright side, detached home starts are tipped to continue to increase as late as 2017. That means if you're after a house with a yard, it's exactly this type of real estate in Burpengary that may be more plentiful in the future.