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MBA: Building Recovery Set to Continue

By Kevin Kelly

Building activity is likely to continue to rise well into the new year, one group has predicted, which will bring a boost to real estate in Bunbury South and beyond.

Master Builders Australia (MBA) highlighted that even in light of the volatility recently faced by the sector, the future looks much brighter than many people had expected.

Chief executive officer of the MBA Wilhelm Harnisch responded to data from the Australian Bureau of Statistics (ABS), which showed that dwelling approvals increased 1.9 per cent in October.

He commented: "The latest building approvals data shows that a strong and sustained recovery in the building industry remains some time away."

Otherwise, Mr Harnisch stressed that with a low interest rate environment and expanding population in place, there is likely to be a widespread recovery in construction activity well into 2014.

"This should in part be fuelled by the release of pent-up demand for new dwellings because of the under-building of recent years," the expert added.

ABS figures showed that dwelling approvals increased 0.8 per cent in trend terms throughout Western Australia in October, while those in the private sector saw a 1 per cent rise.

Residential building across the country was shown to be higher than non-residential construction.

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