Recent data from the Australian Bureau of Statistics (ABS) has found that the number of dwellings being constructed in Australia has continued to trend upwards, while Queensland has recorded another month of strong growth.
The latest figures have found that the trend estimate for private sector housing construction rose 0.2 per cent in November 2014. While this might represent a small increase, it represents the 22nd straight month of growth in housing figures.
This growth is even more impressive considering the month also saw an overall decline in the number of housing approvals in the state, suggesting the construction of private residences is bucking the overall trend in Queensland.
Around Australia, the number of dwelling approvals has crept up in recent months, with the country as a whole seeing a 0.2 per cent increase in dwelling approvals. Tasmania, Victoria and the ACT have been the states which have seen the most activity.
Queensland was also one of the few states to see an increase in the trend data on private home construction. Victoria matched Queensland’s increase of 0.2 per cent, while the other states and territories saw a decline in the trend figures for private home construction.
Across Australia, units have become one of the largest sources of approvals for private dwellings. In fact, these have seen a 16 per cent increase in the most recent figures, as apartments become a more popular housing alternative across the country.
With Queensland’s property market continuing to see growth in the private sector market, there is likely to also be an increase in sales of property as larger developments are finished and people sell older property to move into a new home.
If you are considering buying or selling property in Queensland, make sure to get in contact with a conveyancing lawyer. They will be able to ensure that your purchase or sale is compliant with Queensland’s laws around the transfer of property.