A rise in residential construction could be just what people need to move out of rental property in Bellmere and into a place of their own, one major group has suggested.
The Property Council of Australia commented on the latest dwelling approvals data from the Australian Bureau of Statistics (ABS), which showed strong levels of activity across the country as a whole. While national approvals were down 0.1 per cent between April and May in trend terms, the group believes there shouldn't be any cause for concern.
Nick Proud, executive director of residential for the Property Council of Australia, described the findings as "the best possible news for combating the challenge of housing affordability". During the 12 months to May, 218,442 new dwellings were given the go ahead in seasonally adjusted terms, up from 192,561 the previous year.
"The only meaningful way to take the pressure off prices is to increase new housing supply and today's data shows Australia is continuing a significant run of residential approvals," said Mr Proud.
However, the group noted that action will need to be taken to ensure that approvals continue their upward climb, and don't start falling into negative territory. The ABS noted that dwelling approvals were down 2.1 per cent throughout Queensland in May, while private sector projects fell 1.3 per cent in trend terms.
Property buyers have a lot to be happy about at the moment. Not only is the official cash rate staying at its all-time low for another month, but yearly construction activity is on the rise.
If you are in the position to make those all-important first steps onto the ladder, then now could be the time to do it. Get in touch with the team at Ray White Caboolture for help making your property ambitions a reality.