Activity in new residential building throughout Australia is set to remain well above levels experienced in the past decade for at least several years whilst that in renovations of existing homes has bottomed out and will recover from here going forward a key industry association says.

Releasing the Autumn-Winter version of its National Outlook, Housing Industry Association (HIA) reiterated previous forecasts in its recent May update that following growth of 10.9 percent in 2013, the overall number of new dwelling commencements in Australia would rise again by 7.1 percent to reach almost 180,000 (179.953) in calendar…