Oz house building set for bonzer year

The house building industry in Australia is forecast to have a bonzer year.

The Housing Industry Association predicts that new dwelling commencements will remain at "very elevated" levels in 2015/16, while the pace of recovery in renovations activity will accelerate.

"It is from 2016/17 onwards that the industry risks a relatively sharp decline from record levels, highlighting the timeliness of renewing a focus on meaningful housing policy reforms," comments HIA Chief Economist, Dr Harley Dale.