Residential building construction in New South Wales is expected to reach a seven-year high in 2015.
The number of residential dwellings to commence construction is forecast to rise 11% in 2015, according to Master Builders Australia’s Building and Construction Industry Forecasts. This will drive an increase of over 17% in the value of residential building work done.
Peter Jones, CEO of Master Builders Australia, says this will be the highest level in seven years for residential construction in New South Wales.
“The forecast highest levels of residential building in seven years will result in the value of the work done on detached housing and apartments rising by over 22% ($7.3 billion) and 12% ($6.7 billion) respectively this year.
“An increase in the value of work done on renovations is also forecast to rise by over 17% ($2.5 billion) over the same period,” he said.
This will be good news for aspiring home buyers, as an undersupply of housing in New South Wales has seen prices reach inflated levels.
There is also a trend now involving more workers entering the construction industry, which reflects the strong levels of home building - especially in NSW.
According to the ABS, during the three months to the end of November, around 1.054 million people were employed either full time or part time in Australia within the construction sector (seasonally adjusted) – up 6,600 from the previous three months and 58,700 from the same period the previous year.
New South Wales was the biggest employer, followed by Queensland, Victoria and Western Australia.
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