If like many people you've got your eye on new-build real estate in Melbourne, there's perhaps no better time to enter the market. All signs point to a healthy construction sector across Victoria, increasing its provision of housing at a time when it's needed most.
After all, buying a brand new home has all sorts of advantages. You can make your own mark from day one, plus there's the added benefit of your property being construction to strict environmental standards.
Construction in Victoria: A snapshot
So exactly how strong is the Victorian construction industry at the moment? A combination of figures from the Housing Industry Association (HIA) and Australian Bureau of Statistics (ABS) show that there's plenty of room for optimism.
Over the course of November, the HIA revealed that dwelling approvals were up 19.7 per cent across the state. This is notably more than the next-highest approvals figure of 8.2 per cent in Tasmania.
Meanwhile, the ABS reported a 0.2 per cent national rise in new homes being given the go ahead over the same month. Victoria outstripped this average by reporting a 2.8 per cent increase in building projects.
HIA senior economist Shane Garrett explained that the construction sector remains a key part of the national economy, so efforts need to be made to ensure there is enough land for sale to allow it to thrive.
"It is important that policy reform continues in the areas of planning, land supply and removing the taxation burden on new home building," commented Mr Garrett.
Melbourne's construction boom
The Victorian state capital is no stranger to the rise in construction, as it has also witnessed an increase in the number of projects being given the green light. A total of 6,300 new dwellings were completed in the city last year, as revealed by the City of Melbourne's Development Activity Monitor.
It's widely expected that this will continue into 2015, as there are already 59 residential developments and 13,500 dwellings planned for the next three years.
Melbourne's lord mayor Robert Doyle explained how the city's rising population has made it necessary for new homes to be constructed - and it's proving beneficial to the wider economy. So far, more than 76,000 jobs have been created in the past six years, while gross local product has expanded by $20billion.
Of the residential projects that are in the planning stages, 52 per cent will be two-bedroom dwellings, while 43 per cent will have one bedroom.
