Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Construction plunges in March quarter

16 July 2009 Reporter

Final figures released yesterday by the Australian Bureau of Statistics (ABS) confirm that new residential building work fell sharply in the March 2009 quarter.

The weak start to 2009 further highlights the importance of government-funded new home construction, Housing Industry Association, chief economist Dr Harley Dale said.

“The timely roll-out of the social housing initiative to build 20,000 dwellings, together with other federal government programs such as the National Rental Affordability Scheme (NRAS) and the Housing Affordability Fund (HAF), are essential to ensuring that a new home building recovery gathers legs rather than peters out,” Dr Dale said.

Seasonally adjusted, the construction of new residential dwellings fell by a downwardly revised 7 per cent in the March 2009 quarter to an annualised worth of $33.1 billion, 4.8 per cent down on a year earlier.

Work on detached houses fell 9 per cent during the March quarter to $22.5 billion.

 

Construction plunges in March quarter
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.