A report by Housing Industry Association shows record overall number of new home construction, 232,350.
Focusing on the top 100 builders, there has been an increase in the number of starts, going from 68,621 in 2014/15 to 69,161 new homes in 2015/16 – almost double the number of starts three years ago.
Surprisingly, almost two thirds of new builds are detached houses, and not apartment and units as the apartment boom trend would have us expecting.
Another interesting insight is the fact that despite an increased number of starts and increased revenue, the Australian 100 largest builders’ market share has decreased slightly. This is good news for smaller builders, as they are also cashing in from the boom in new residential construction.
Though the boom should begin to slow down soon, there’s no need to worry as the HIA foresees housing starts will register another strong year in 2016/17, with 209,050 overall new builds ahead.