Victoria was once again ranked highest in the Housing Industry Association (HIA) Housing Dashboard after seeing solid performance in its new home construction sector.
New South Wales was second on the list, but the HIA said it would be difficult to maintain this position, as well as Victoria's high ranking [1459002].
"The vibrant housing markets in Melbourne and Sydney have provided a particularly favorable environment for residential construction in recent years, but we are now entering a new phase of the housing cycle. The housing market has eased considerably in the second half of 2018 and it will be increasingly difficult for these two states to continue to outperform, "said Geordan Murray, Acting Senior Economist at HIA.
Instead, Queensland, Tasmania, and the Australian Capital Territory could potentially outpace NSW and Victoria. Queensland will likely be driven by renovations, Tasmania could be stimulated by single-family houses and ACT could bet on multi-unit buildings. According to HIA, when these three states improve their residential construction indicators, they will likely be at the top of the rankings.
At the same time, the Northern Territory and Western Australia experienced difficult conditions for residential construction because of the investment of resources in these states. They currently rank respectively seventh and eighth on the list.
"Although conditions in Washington seem to have stabilized even at very low levels, the road to recovery will be long. There are signs of improving conditions across the state's economy, but this has not yet translated into an improvement in residential construction. " said Murray.
The HIA Housing Scorecard report presents an analysis that ranks each of the eight states and territories according to the performance of 12 key indicators of residential construction.
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