Hunter region proves a hotbed of building activity

Builders throughout the Hunter region of New South Wales had every reason to be optimistic last year, as the latest figures point to a rise in construction activity. Data from the Australian Bureau of Statistics (ABS) has been analysed by the Housing Industry Association (HIA), which points out that approvals were especially strong in 2014.

Over the course of the year, a total of 4,850 residential projects were given the green light in the Hunter and Central Coast regions. This marks a rise of 6.3 per cent from 2013 levels and shows that the future remains bright for the area.

HIA Executive Director for the Hunter region Craig Jennion revealed that the strongest activity was seen in the multi-unit segment, with approvals experiencing a 28.4 per cent increase.

He noted that "there is every reason for the industry to be optimistic this year", not only in these particular parts of New South Wales, but the country as a whole. This follows on from similar predictions from Master Builders Australia (MBA), which predicted that the country could be heading for a housing boom.

Commenting on ABS building approvals data, the group said that the approvals growth cycle is unlikely to have reached its peak just yet.

"Builder confidence will be boosted by the strengthening pipeline of work that will drive much needed job creation and investment in both the industry and the wider economy," noted MBA Chief Economist Peter Jones.

The HIA agreed, saying that strong lending figures have also given the sector the lift in confidence that it needed. However, the pressure is now on state and federal governments to make sure policy settings are just right to facilitate future growth.

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