Queensland approval figures offer encouragement for construction growth
Queensland is likely to see housing construction return to pre-global financial crisis levels over 2015, figures from the Australian Bureau of Statistics have shown. This could be encouraging for investors interested in pursuing the construction of real estate in Burpengary in the coming months.
Housing Industry Association (HIA) Queensland executive director Warwick Temby said there was growth recorded across detached and multi-unit dwellings being built in the state, showing that more and more people are opting to construct their own homes across the Sunshine State.
"Detached home approvals are up 10 per cent for the three months to February compared with the same period in 2014. For multi-unit approvals the growth has been even stronger at 32 per cent. Even the renovation sector, which has been the slowest sector to respond to record low interest rates, is up 2 per cent over the year," said Mr Temby in a 13 April statement.
Overall, the HIA expects to see more than 41,000 new home construction projects started over the next year, further boosting the housing supply for the state. As more people begin to call Queensland home, the necessity of more property will continue to be a priority for the region.