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    Housing finance figures boost for industry

    Published on 28 February 2019, Thursday, 3:18 AM

    In what could be good news for those working in the building and construction industries across Australia, the Australian Bureau of Statistics (ABS) has released figures for housing finance in May.

    The data, released July 12, shows that the total number of dwelling commitments rose by 1.8 per cent in May, seasonally adjusted.

    Commitments for the construction of new dwellings were up 0.6 per cent and commitments for purchases of new properties rose by 0.7 per cent, seasonally adjusted.

    After the Housing Industry Association (HIA) released a list of ten 'cold hard facts' on the building industry earlier this year outlining the hardships the construction industry is currently enduring, this news is no doubt welcome for many tradies around the country.

    Master Builders Australia's (MBA) chief economist Peter Jones pointed out that the figures for commitments have now risen for five consecutive months, and suggests that the interest rate cuts may have something to do with it.

    "The figures suggest that the recovery is starting to strengthen and is certainly welcome for the industry," he said.
    "Home builders are banking on further improvements and for lower interest rates to continue to work to drive an improvement in building activity."

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    Nathan Mills
    Nathan is a seasoned Kennards Hire team member passionate about empowering DIYers in their projects. He loves everything DIY and brings together years of equipment and project experience to help customers get the right tools for their next job.