Australia’s construction industry is experiencing notable growth and seeing the fastest growth in nine years. According to available data, the Australian Industry Group and Housing Industry Association Performance of Construction Index has increased by just over four points.
The number of people committing to investment properties in Queensland has hit a seven-year high. In April 2015, the housing finance for the purchase of existing Queensland dwellings hit $4.2 billion, the highest since December quarter 2007.
The chief economist has reported that the country’s residential construction should continue to see improvements for the rest of the 2014-2015 fiscal year. The commercial construction industry is also improving at a steady rate. Increases in the supply of new homes may be a key factor in keeping home prices stable for the foreseeable future. In recent years, large numbers of investors have bought up existing properties. This activity has driven up overall housing prices, and the construction industry improvements are projected to remedy this situation.
The governor of the Reserve Bank of Australia has released a statement that new housing industry regulations are being considered for passage into law. The new rules are designed to help curtail high-risk real estate lending procedures and other speculative investment practices. These changes to current regulations are intended to bring further long-term stability to the Australian real estate markets and construction industries.
Some of the improvements in residential housing are projected to help the overall economy, and industry experts are keeping a close watch on the index numbers. Current speculation over new lending restrictions has brought some uncertainty, but the projected numbers resulting from new banking regulations are positive. Fewer instances of risky lending mean a more stable banking and housing sector throughout Australia. Stronger construction figures in both the residential and commercial sectors also mean more jobs and increased revenue for the broader economy.
Numbers of opportunities for plant hire and construction site hire are going up throughout the continent, particularly in Brisbane and other major metropolitan areas. Skilled workers in all facets of construction will be able to find steady work in various locations. The improved employment opportunities mean more revenue for the overall economy, and a strong construction workforce is essential to continuing growth in this industry. Brisbane, Sydney and other major Australian cities are the first recommended sources for the highest numbers of job opportunities in both the residential and commercial construction sectors. Plant hire sites are located throughout several Australian cities, and workers are encouraged to submit their applications and past employment histories as early as possible.