08 Sep Construction Project Starts Trend Upwards
Across Australia, there were a total of 4,815 new construction projects identified during the June quarter of 2014. This volume of new projects is consistent with the March 2014 quarter and represents a level 4 per cent higher than the June quarter of 2013.
The quarterly increase was largely due to a significant rise in the number of new multi-unit residential construction projects. Since late 2012, the number of projects entering the pipeline has steadily increased. The 1,603 new projects identified in the June 2014 quarter is almost double the number of new residential projects identified in the December quarter of 2012.
For those of us living in Victoria, the trend for new projects in our home state is extremely encouraging;
A lot of the focus on the housing upswing has centred on high rise developments in the capital cities, however there is much greater diversity in the types of multi-unit residential projects entering the pipeline. Analysis of the price distribution of new projects reveals the vast majority of multi-unit residential projects are valued at less than $5 million. This implies there are a substantial number of small and medium developments entering the pipeline.
With so many multi-unit and apartment developments underway, selecting the right owners corporation manager is vital. We encourage readers to visit our “Services” page to learn more way Iconic Strata Management are being selected by a growing number of properties to manage their owners corporation. Alternatively, call us on (03) 9982-1300 to discuss your particular needs.