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Positive Outlook for Residential Construction Rates in Bunbury

By Kevin Kelly

Real estate in Bunbury could become more available as the Housing Industry Association (HIA) indicates that residential construction rates are escalating.

Senior Economist Shane Garrett said the housing industry in Australia is set to be one of the "good news stories" of the year.

Early 2014 has seen a great start for the industry, which has suffered from two consecutive years of decline. Housing starts increased by 11.7 per cent in 2013 with an additional rise of 2.8 per cent expected throughout this year. This increase is largely due to strengthening markets such as Western Australia. 

High demand for housing has outstripped supply and may have resulted in many potential first time buyers of property in Bunbury locked out of the market. However, the increase in residential property availability will assist those looking to start out in the market as additional supply will drive down property prices.

Mr Garrett highlighted the housing industry's ability to assist with supporting economic growth across Western Australia.  As mining investment declines in regions such as Western Australia, it is predicted that the construction industry will compensate for some of this loss. 

This optimism within the construction industry and in the economy indicates it may be time for all types of buyers to consider looking up houses for sale in Bunbury. 

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