NSW construction rates to hit 20-year high by mid-year
NEW home construction in New South Wales is expected to hit a 20-year high by the end of June before slowing over the next two financial years.
The Housing Industry Association's State Outlook report found dwelling starts would increase 18.6% this financial year to a two-decade peak of 54,680.
"NSW ranks as the strongest state economy in the country and the residential building industry is a key driver in achieving this," HIA NSW executive director David Bare said.
New home building was predicted to fall 9.1% in 2015/16, with a further 8.6% drop in 2016/17, taking the number of construction starts down to 45,440.
Renovation activity was projected to increase 2.6% this financial year and a further 6.5% in 2015/16, bringing the value of the state's renovation market to $8.32 billion.
- APN NEWSDESK