Note: This post has been completely rewritten as of 29 November 2016.
Note 2: For 2017 stats read the updated post here.
The housing industry in Australia is on a roll. The total number of new dwellings in Australia in 2015-16 touched a new high, recording a 6 per cent increase from last year with over 230,000 dwellings commenced during that period. The total revenue from new dwellings this year increased to $17,777 million from $16,669 million in 2014-15.
Leading builders of last year maintained their top spot while some new builders also entered the list of top home builders in Australia, offering home buyers modern housing at competitive pricing. Of course, the low home loan rates have boosted the construction activity and first time buyers stand to gain from State Grants such as First Home Owners Grant.
While the HIE-Colorbond Steel Housing 100 Report had declared BGC Australia from Western Australia, with 4,834 new dwellings, as the leader in the year 2014-15, this year, the report declared it a runner-up with a still impressive figure of 4,049 housing starts.
Metricon Homes emerged as the largest builder for 2015-16 with 4,365 starts across Australia in the states of Victoria, Queensland, New South Wales and South Australia. The third spot was grabbed by Meriton Apartments with 3,793 starts.
The latest Housing 100 Report for home builders Australia shows consecutive year of growth with the top 100 property giants.
Analysing the performance of the property barons of 2015-16 state wise, while BGC Australia from Western Australia had led from the front the previous year with all its 4,834 dwellings in Western Australia; this year, South Australia’s homebuilders recorded vigorous activity, as the number of new constructions by top 15 home builders in the area rose to 3,753 in 2015-16 from 3,230 last year, signifying an increase of 16.2%.
Hickinbotham Group, a renowned builder in South Australia led the home builder list in the area with the tally of highest number of new constructions in South Australia, numbering to 1,170 starts. Rivergum Home and Longridge Group followed Hickinbotham Group closely in ranking as second and third largest builders in South Australia, respectively. Riding high on the stellar figure, Hickinbotham Group ranked 14 in the list of top 20 Australian home builders.
Number of new dwellings in Australia are definitely on a rise with the new constructions comprising 73 per cent detached houses, 8 per cent semi-detached dwellings and 19 per cent ‘multi-units’. A major factor contributing to higher building activity is a borrower friendly mortgage market, with low interest rates on home loans and plenty home loan options for borrowers to choose from.
As house finance turns more competitive, lenders are competing to keep existing customers as well as attract new ones by offering lucrative home loan deals with low interest rates and essential home loan features such as additional repayments redraws, offset account etc. at no additional cost.
In case you have been considering your own slice of property in Australia, the time is right to buy your piece of heaven with current home loan rates as low as 3.59% pa (variable).Compare mortgage rates online for most competitive home loan deals and get answers to your home loan queries from expert mortgage brokers on HashChing, absolutely free.
By Vidhu Bajaj