Housing Industry Association State Scorecard
Victoria has been named the nation’s best performing residential building industry after being ranked by the HIA on 14 key strength indicators.
70,000 dwellings commenced in Victoria last year, with a booming renovation market helping the state take out the top honour.
New South Wales moved down to second place in the rankings, followed by Western Australia in third and Queensland in fourth.
According to the HIA, 220,000 residences commenced construction Australia-wide last year. This is a new record number that showcases the health of the industry and current demand.
Aiding Victoria in achieving the title of the strongest performing state is the amount of renovations and number of apartments built.
Victorians have spent $1.617 billion on alterations and additions to homes in the current quarter, with a further $546 million worth of work approved.
Multi-unit dwellings were also hugely popular with 9,253 commencing in the state during that period.
Further driving the success of the housing industry are owner-occupiers who are ready to snap up properties shortly after they are completed. Downsizers and young professionals alike are drawn to the hassle free option, while still enjoying the benefits of a brand new home.
Overall, Victoria, New South Wales, Western Australia and Queensland are showing promising levels of residential building and paint a picture of a healthy nationwide industry.