A further surge in residential construction could lie ahead, as a report forecasts what will be the biggest property trends of 2016. The RDC CoreLogic RP Data Australian Residential Development Outlook Spring Edition suggested all signs are pointing to strong growth in real estate construction over the next 12 months.
Property Council residential executive director Nick Proud believes the combination of a rising population and low interest rates will be just what the construction sector needs to thrive.
The latest population data from the Australian Bureau of Statistics shows that between 31 March 2014 and 2015, an additional 316,000 were added to the population. Natural increase was up 9.7 per cent year on year, while net overseas migration posted a 16 per cent rise.
"In a vital sign for improving affordability, the indicators also show that residential supply nationally is finally meeting household formation requirements to create enough housing to satisfy growing demand," Mr Proud commented.
There had been concerns that insufficient real estate in Eaton and other parts of the country was being built to meet demand. However, this latest data indicates the imbalance is finally being addressed.
Tim Lawless, CoreLogic RP Data head of research, noted that lending to investors is starting to ease, giving owner occupiers an opportunity to make their mark. This does have the potential to mean housing commencement may begin to decline, especially when it comes to the construction of apartments.
Ray White Bunbury covers many of the area's most popular suburbs, so be sure to speak to us if you're planning a move to this sought-after part of Western Australia.
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