Low Home Prices Drive Custom Made Kitchens and Other Housing Services

It seems that the construction industry's housing sector, which handles a variety of services like roof renovations, custom made kitchens, and other household necessities, is currently on top of Australia’s economy. According to a Housing Industry Association (HIA) report, housing affordability is at its best in 12 years because of continued low interest rates.

A 6.8% surge in the construction of residential properties was recorded and the total number of completed projects jumped in the first three months of the year, HIA revealed. It added that this development has contributed to a, sudden increase in the number of houses built with various amenities, such as custom kitchens,in Sydney's suburban areas during the same period.

It was also reported that the affordability of housing was more favourable by 11% as compared to the previous year. And while prices of residential properties are rising, a good interest rate outlook is slowing down their ascent. Firms that create custom made kitchens and other housing supplies are really happy with this news.

Experts are confident that affordable homes will remain in the foreseeable future since the strains of home prices are no longer an issue. It is even expected that a boom in custom kitchens Sydney’s housing and constructions industry can take over the mining investment industry. Ben Jarman, a JP Morgan representative, stated that “The outlook for construction work this year, and next, can be briefly summarised as housing good, mining bad."

"Accumulated strength in building approvals--growing at over 20 per cent annually--is finally starting to show up in the official construction work data, "Jarman added. He further explained that construction works have improved in the first quarter of the year by 0.3%, which was surprising due to the fact that in the last quarter of 2013, a 1.1% fall occurred, to which home improvement activities like installing custom made kitchens and bathroom fixture were affected.

Economic experts predicted that the residential construction sector will continue to rise and even compensate for the job losses the mining industry will experience. Gareth Aird of CBA Economics believes that "...a lift in housing supply will also help slow the acceleration in house price growth observed over the past year." With prices of home construction projects remaining low, homeowners like you should take advantage of the opportunity to avail yourself of affordable housing services like installation of custom made kitchens and bathroom fixtures. Make the most of this piece of good news to maximise your savings.

Learn more about the author: Sam Michael