Economic growth is slowing in Australia but residential construction remains strong, is the message from a recent report issued by Propell National Valuers, a property advisory service.
According to the report, “the main bright spot in the economy is the level of residential construction. Otherwise, economic growth is slowing, with consumer confidence down and the unemployment rate up.”
Melbourne and Sydney are driving residential construction and value increases “with dwelling approvals at a peak”. Melbourne dwelling approvals are up 22% on 2014 and Sydney dwelling approvals have increased by 10% over the past year.
Brisbane leads Queensland’s recovery with dwelling approvals up 16%, “presenting a leading indicator for the Queensland economy”.
Read the report [PDF]