Building new homes is a pretty big deal to the national economy, so news that Victoria is leading the way will no doubt come as welcome news to many. Releasing its latest Housing Scorecard, the Housing Industry Association (HIA) revealed that out of the 220,000 new homes built last year, 70,000 were here in Victoria. As a result, the state knocked New South Wales off the top spot.
This doesn’t just mean you’ll have more real estate in Bentleigh East to choose from, but it also bodes well for anyone who works in the construction sector. There are plenty of reasons to be optimistic at the moment, as Victoria also came out on top for renovations activity.
Renovations figures have also recently been released by the HIA, which show that the sector is also going from strength to strength. People are being spurred on to upgrade their existing homes by the low interest rate environment, as well as the prospect of future property price increases.
“The importance of home renovations activity is often underestimated – it accounted for about 35 per cent of total residential construction during 2015,” said HIA senior economist Shane Garrett.
So, not only do you have the prospect of buying a new home in Victoria, but if you decide to purchase an existing property, there’s a decent chance it will have been upgraded. Whatever you choose, make sure you enlist a real estate agent in Carnegie to help you along the way.
Matt Hurlston has been in the business for many years, during which time he’s helped countless people find their dream homes. The market is thriving at the moment, so why not take advantage and see what’s on offer?
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