Housing in Australia has remained strong in 2014, with Queensland leading the way in new property construction according to recent statistics from the Housing Institute of Australia (HIA).
The organisation’s most recent predictions have outlined the growth in housing that the country is expecting to see for the whole year. In Queensland, new home commencements are set to rise 13.9 per cent this year, compounding with the 13.4 per cent that was recorded in 2013.
While Queensland has shown strong growth, demand for new property has also remained high across the country. Australia is set to see a total of 190,000 new home commencements this year – a record-setting number. The last time new housing commencements were this high was in 1994 when the number reached 187,000.
In Queensland, commencements are also set to rapidly in the coming months with the rate expected to rise by another 8 per cent throughout the year. By 2016, the state is expected to have over 40,000 new homes beginning construction.
HIA Executive Director, Queensland Warwick Temby suggested these were some of the strongest figures that Queensland has seen in recent years.
“New dwelling commencements are finishing off their second consecutive year of strong growth, with more to come over the next few years. New dwelling starts in Queensland are enjoying their strongest year since 2008,” he stated.
The report went on to state that renovations are also becoming increasingly popular, as home-owners across the state invest in their properties.
As Queensland continues to demonstrate its position as one of the bright spots for the Australian building industry, there will also be a corresponding increase in demand for conveyancing services. Whether people are looking to buy new property or a recently renovated building, consulting with a conveyancing lawyer can ensure this process runs smoothly for all parties.