Construction industry’s gain a win for home buyers
It's generally the case that what's good for the building industry is good for home buyers. Typically, the more residential construction there is in the pipeline, the greater the future housing supply, which means greater choice – and possibly affordability – for buyers.
If that's the case, then anyone looking to buy property in Morayfield, Deception Bay and other parts of the Moreton Bay region will be delighted with the recent news out of the Housing Industry Association (HIA). According to the organisation, the construction industry expanded for the first time in nine months in August, rising 6.7 points on the Australian Performance of Construction Index.
Much of the rise can be attributed to the performance of the apartment and house-building sectors, both of which continued to expand during the month. HIA chief economist Harley Dale stressed that this would pay dividends for the economy.
"The results for both the detached house and apartment sub-sectors reinforce the important contribution that new home construction continues to make to Australia's economic growth," he said.
"New housing really has been the king-maker of the domestic Australian economy."
Indeed, analysing figures from the Australian Bureau of Statistics, the HIA economist Geordan Murray noted that a record level of new home-building investment in 2014/15 had significantly impacted GDP growth. New-home construction investment had reached an all-time high of $52.2billion during this fiscal year.
Mr Murray went on to note that this tremendous result would not necessarily last for much longer.
"There is a large volume of activity in the pipeline that should sustain an elevated level of home building for some time yet; however, it is unlikely that residential building will continue to make the strong contributions to GDP growth that it has done over the last couple of years," he said.
According to Mr Murray, private investment in other parts of the economy would have to step up. In the meantime, it may be a lot easier to find available real estate in Burpengary and surrounding areas.