At Arkitektika we have seen a marked increase in multi-residential and residential projects coupled with re-invigorated industry confidence in the first quarter of this year.
Now we have the statistics to back up why the smart developers are starting to bring projects online.
Always looking for the good news for our economy and industry we share with you some news that has come out over the Easter period about the economy and the housing market:
Increased housing starts: Residential building approvals rose 3% in February and are now averaging 13,000 per month.
Increased spending: Retail spending rose 2.5% over January and February.
Interest rates: That much watched item that has high impact upon most of us has seen the official interest rate on hold again from the Reserve Bank – at 3% for the fourth straight month.
Increasing population: Australia has had a population increase of 102,000 over the past 3 months, 60% from net migration, requiring approximately 170,000 new homes – well above our current 142,000. So we will need to see further increase in residential construction to keep pace with the increasing population.
Increased household wealth: Household wealth rose 4% last quarter to a record high.
Increased house prices: House prices in capital cities across Australia (except Adelaide which remained unchanged) rose by 1.3% in March to be 2.4% higher than a year ago.
Details courtesy of Matusik Missive. For the full detail click here.