The latest industry forecasts from Australian Construction Industry Forum (ACIF) suggest that the high level of activity Victorian residential builders have experienced since 2008, is set to fall back over the next three years.
While this may leave local home builders in Melbourne and Victoria to lament that their business is in a decline, when comparing with past good times, ACIF assures that after a period of moderation, the residential building industry will resume good growth.
“It’s important for the Victorian building and construction industry to see the bigger picture and not to panic – the sky is not falling, however the surging business they have enjoyed over the past period will pull back to a more usual level,” says Peter Barda, Executive Director for ACIF.
“The ACIF Forecasts point to Victoria returning to pace with New South Wales, with Queensland close behind, cooling back from a surging local
industry over the past five years.”
A chart generated by the ACIF shows the relatively strong past period for the Victorian residential sector has been out of character with other states, and how it is now returning to pace with similar states. While the growth curve has changed, it is generally an upward trend for Victorian residential building.
