There's been a battle raging in the residential construction sector for the past few months, but its Victoria that has reigned victorious. The Housing Industry Association (HIA) has released its bi-annual Housing Scorecard, which ranks the states and territories in terms of how well residential building is performing.
New South Wales was top of the pack the last time the HIA released its scorecard, but has now lost its crown to Victoria. The eastern seaboard is currently leading the way, as other parts of the country struggle to keep pace.
Throughout the course of 2015, the HIA noted that more than 220,000 properties were given the green light. It's a new yearly record for the country.
To put this into perspective, Victoria was responsible for as many as 70,000 of these new homes – and it also ranked highly in terms of renovations. If you've been looking for new houses for sale in St Kilda, now could well be the time to see what's available.
It's not just the HIA that's witnessed this national rise in construction activity. The Australian Bureau of Statistics recorded a 1.2 per cent rise in total building work approved in April, making it the third month in a row that an increase was registered.
Meanwhile, the value of residential building was up 1.6 per cent – the fifth consecutive month in which this trend was seen.
With so many new properties springing up across Victoria, it can be difficult to know where to start your search. The team at Ray White Port Phillip will guide you in the right direction and help you find your ideal real estate in St Kilda, no matter what criteria you have in mind.