New South Wales: The underdog of Australia’s residential building market

by Julia Corderoy15 Jul 2014
The Housing Industry Association of Australia (HIA) has released its bi-annual Housing Scorecard Report, where New South Wales has climbed up three spots to take out second place in the national ranking of Australia’s residential building market.

“The rapid turn of fortunes in NSW is the big story in this report… NSW is now the second strongest residential building market in the country, having been ranked number five only six months earlier,” The Housing Industry Association of Australia (HIA) has released its bi-annual Housing Scorecard Report, where New South Wales has climbed up three spots to take out second place in the national ranking of Australia’s residential building market.

“The rapid turn of fortunes in NSW is the big story in this report… NSW is now the second strongest residential building market in the country, having been ranked number five only six months earlier,” Harley Dale, HIA chief economist, said.

The report benchmarks the performance of each state using fourteen key indicators of activity in residential building, and compares these against long term averages in each state and territory. Based on these findings, HIA generates a table ranking each jurisdiction based on their relative strengths and weaknesses in regards to residential building conditions.  

The growing interest in apartments in NSW could be the reason behind its strength in the rankings.  “Much of the recovery in NSW can attributed to the surge in multi-unit sector, but the detached home market in NSW ranks among the strongest in the country,” Dale said.

According to the report, Western Australia has retained its spot at the top of the ladder, while Tasmania has remained the weakest residential building market in the country.

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