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Residential rises ready for more

By Brett Pilgrim

According to new work from RP Data and the Residential Development Council (RDC), Australia's residential building has continued to grow across the last year, and is expected to continue.

And while these bodies have called for more residential construction to meet demand, they note that current levels are very positive. 

Executive Director of the RDC Nick Proud says forecasts for the 2015 financial year expect 180,000 new dwelling starts, well above the rate of 150,000 per year that has occurred over the last decade. 

Mr Proud also hopes that this growth continues, which will be necessary to address the housing shortage Australians currently face. 

National Research Director for RP Data Tim Lawless added that residential development growth is an indicator of general economic growth, so the report results in many positive takeaways for the Australian economy.

Low interest rates and competitive lending, increases in population growth and household wealth as well as strong showings in housing finance are all cited as highlights for this residential building rise. 

The housing market is Australia's biggest type of asset. Worth an estimated $5.4 trillion at August this year, it is roughly three times Australia's total GDP of $1.57 trillion.

With so much growth occurring in this huge area and the trend expected to continue for the next 12-18 months, there is likely to be renewed interest in the property market. 

Real estate in Adelaide is sure to be a part of this nationwide growth, and Ray White Adelaide have a bountiful selection of property across suburbs like Prospect, Burnside and Norwood for you to choose from if you wish to take advantage of this growth period. 

Mr Proud has indicated he wants stamp duty costs and planning delays to be addressed, as reducing these barriers may help sustain the construction growth beyond 2015 and 2016. 

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