New Home Building Makes A Flying Start To 2015

Latest figures confirm the number of new home commencements rebounded in the March quarter of 2015, said the Housing Industry Association (HIA).

HIA Economist Geordan Murray said, "The strong result for the March 2015 quarter was the second highest level for any quarter on record. This latest result was consistent with our expectations, and the mix of dwelling types commencing construction was aligned with the recent trend. The number of detached houses commencing construction held steady at a relatively high level, while a rebound in multi-unit dwelling commencements provided the lift."The ABS figures show there were 53,900 dwellings commenced during the March 2014 quarter. Detached dwelling commencements held relatively steady, increasing by 0.7 per cent in the March 2015 quarter to 28,761, while ‘other dwelling’ commencements (predominantly multi-unit dwellings) jumped by 19.2 per cent to 25,140. This composition was aligned with HIA’s forecast for the quarter.

"A surge in multi-unit dwelling commencements in Victoria was the primary driver of the increase during the quarter. The state recorded over 9,000 multi-unit commencements, which is a record high.