The number of home starts somewhat disappointingly dipped in the final quarter of 2014 back to 48,125 after the building bonanza in Q3.
Nevertheless 2014 was the strongest year on record for new home commencements at 197,972, representing a thumping 18 per cent increase on the prior year.
Part 1 - Residential building leads
However, non-residential building has stumbled badly, declining by 3.5 per cent in the quarter and 4 per cent over the calendar year.
Building activity is up moderately in Queensland and Western Australia, but as noted here previously South Australia is getting set for a severe building downturn, a sucker punch for the local economy in Adelaide.
Part 2 - Record high commencements
Part 3 - Completions steadily coming online
House completions are also being led by Victoria.
Queensland achieved an impressive 13,260 unit completions in 2014.
The composition of dwellings commenced in this cycle has changed considerably with record numbers of unit and apartments to feature on the road ahead.
Unfortunately non-residential building now seems to be heading the other way.