Australia’s major builders are predicting a peak in the number of new dwelling housing starts for the third consecutive year, with a possible growth of 7.7% in 2014 to 2015, a record level of 195,936.
“We retain the view that the 2014-15 year is likely to represent the peak in the current cycle, although the heightened uncertainty that comes with breaking records means further growth shouldn’t be ruled out,” the Housing Industry Association’s (HIA) latest National Outlook stated.
The forecast also said that dwelling commencements will decline by 5.7% in 2015 to 2016 and a further 4.7% in 2016 to 2017.
Meanwhile, renovations are also expected to grow by 0.2% in 2014 to 2015.
“We need to build on the lofty heights being achieved this new housing cycle and ensure that supply in coming years meets the requirements of a growing and ageing population,” HIA chief economist Harley Dale said.
Collections: Mortgage News
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