Residential building construction in New South Wales is expected to reach a seven-year high in 2015, according to a construction lobby.
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 levels 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.
