Home Building Growth Continues in Victoria

From the recent report released by the HIA’s Population and Residential Building stated that Whittlesea North in Victoria is the nation’s biggest local building hotspot in the world of new home builders industry today. In accordance to the data, his suburb has been given a lot of percentage to its market. A total of population growth at a rate of 18.3%, which is 16.2% above the national average, and the residential building approvals in the area, also rose to over $484 million. The second place who has gained increase is the Victoria’s Wyndham South, one of the Victoria’s fastest growing cities. The total value of residential work hitting almost $284 million with population expansion in the area is also well on top of the national average at a rate of 12.8%.

According to the report Victoria is indeed included as one of the 20 lists of the building and population hotspots partly to an extension of the First Home Buyers Grant in the state.

“The 2008/09 financial year was a very challenging one for Australia’s new home builders and renovators with a sharp fall in new home starts and a moderation in renovations activity,” said HIA Chief Economist Harley Dale.

Dave added that there is a low interest rates and assistance to most of the first time home buyers that will allowed a number of new homeowners to enter the market, indicating the first stage of the housing recover in 2009/10.

Source: Your Mortgage News