Stronger home-building off the back of strong population growth keeps driving national economic improvement. Latest national accounts figures show GDP rose by 0.9 per cent in the June quarter. GDP in the full 2017/18 year was 2.9 per cent higher than previous year.
The 3.6 per cent expansion of home building was a big contributor to GDP improvement in 2017/18. Current growth is driven by the home-building boom under way since 2015. Recent data shows the market is cooling for reasons including slower inward migration since July 2017.
Approvals for new detached homes has been tracking at its strongest levels in 15 years.