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    Residential construction continues to strengthen in June 2014 quarter, says HIA

    Housing Industry Association

    The residential building segment continues to strengthen in the June quarter, according to the Housing Industry Association , the voice of Australia’s residential building industry.

    Based on preliminary ABS figures that show residential building work done continued to strengthen in the June 2014 quarter following healthy growth in March, HIA Economist Diwa Hopkins observes that new home building activity is likely to represent a positive contribution to overall GDP growth in the national accounts figures to be released next week.

    In the June 2014 quarter, there was $13.40 billion of residential building work done, 2.2 per cent higher than in the previous quarter and 9.6 per cent higher than in the June 2013 quarter.

    Diwa Hopkins notes that the detached house segment was the key driver of growth in residential building during the June 2014 quarter, compared with the March quarter when multi-unit building led the charge. In the June 2014 quarter, new house building work contributed 1.6 percentage points to the 2.2 per cent growth in total residential building work done.

    However, conditions in the major renovations segment of the market remained subdued, with the value of this work done declining by 2.4 per cent during the June 2014 quarter. National accounts figures will reveal the full story on the renovations market, showing the value of both major and smaller jobs. 

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