Victoria residential homebuilding could soon slow

A new report shows that residential home construction could begin to slump in the next few years, unable to keep up with the rapid growth that has been noted over the past half decade.

For the past five years homebuilding companies based in Victoria have benefited from extremely high building rates - however the next three years could prove to be tough for these firms.

The report did note though that if these builders can whether this period, growth in the sector will likely pick back up throughout the remainder of the decade.

"It’s important for the Victorian building and construction industry to see the bigger picture and not to panic – the sky is not falling, however the surging business they have enjoyed over the past period will pull back to a more usual level," said Peter Barda, executive director for the Australian Construction Industry Forum.

This should come as good news for any tradies looking for work. By building up a strong practice now, it's more likely these businesses could stay afloat through the difficult years ahead and come out successful on the other side.