NSW construction industry is seeing an upsurge in the number of new homes on sale in the past 12 months, with the average number of sales per month of more than 5 per cent, according to a new report by the Australian Construction Association.
Key points:The report shows the average new construction home sold in NSW is now on the upIn November 2017, there were about 17,500 new residential properties on the marketThe number of homes sold in December 2017 was about 3,000 more than the same month last year, with a peak in November.
The industry is also seeing a rise in the types of properties it is offering and the number that are available, with construction activity up 15 per cent in the same period, according the report released on Thursday.
Key Points:The average number on sale per month in NSW rose from 3,500 in November to 5,000 in DecemberThe average sale price in December was $2.29 millionThe industry saw the most demand for new construction homes in NSW, with about 3 per cent of all sales, up from 2.1 per cent the previous year.
The report is based on data from a sample of 1,600 homes, representing about 20 per cent and 20 per to 25 per cent occupancy in NSW.
The increase in the average sale prices in NSW may be due to the number on the ground, with more homes being built than sold, as well as a boom in the construction sector.
New construction is an increasingly popular business in NSW and has been increasing in popularity in recent years.
The report shows that the average construction home is now selling for $2,000 to $3,000, while the average price is now $3.00 million.
The average price of a new home in New South Wales rose to $1.7 million in November, a 12 per cent increase on the same months last year.
However, the industry is struggling to keep pace with demand.
The construction industry in NSW has been hit hard by the global financial crisis, which has affected many of the industry’s major players.
However, construction industry growth in NSW appears to have plateaued.
This is largely due to supply, with fewer properties being built, and the construction industry also is struggling with the fallout from the collapse of the coal and steel industry.
The Australian Construction Industry Association (ACAI) said that it had not seen a significant downturn in demand in recent months, but the industry was seeing a sharp increase in demand for homes and apartments.
The number on construction sites has risen by 12 per of the last 15 months, and by more than 30 per cent over the last five years, the report says.
In 2017, more than 2,600 new residential dwellings were built in NSW alone, and more than 4,500 are on the waiting list to be built, according ACAI.