Ensure you never miss an issue of the
real estate business bulletin
Housing activity slumps

Housing activity slumps

by Reporter 0 comments

Staff Reporter

The Housing Industry Association is calling on the federal government to boost new housing activity in a bid to alleviate the crippling housing shortage.

ABS figures released yesterday confirmed that residential building activity ended 2010 on a soft note, with residential building work falling 0.6 per cent in the December 2010 quarter.

HIA economist Harley Dale said the weak data looked set to continue well into 2011.

“In 2011 we look set to experience one of the weakest years for new home starts since the mid 1990s,” Mr Dale said.

“The Federal Government needs to act urgently to introduce short term stimulus measures to boost new housing activity and turnaround a housing slump that is shutting out first home buyers and aggravating financial stress felt by lower income rental households.

“New home building activity peaked back in mid-2010 and ongoing weakening in new housing conditions is having a significant adverse impact on governments’ budgets.”

In the December 2010 quarter, seasonally adjusted new residential work done fell by 2.3 per cent in New South Wales, 4.8 per cent in Queensland, 5.8 per cent in Tasmania, 0.4 per cent in the Northern Territory, and 10.4 per cent in the ACT.

Staff Reporter

The Housing Industry Association is calling on the federal government to boost new housing activity in a bid to alleviate the crippling housing shortage.

ABS figures released yesterday confirmed that residential building activity ended 2010 on a soft note, with residential building work falling 0.6 per cent in the December 2010 quarter.

HIA economist Harley Dale said the weak data looked set to continue well into 2011.

“In 2011 we look set to experience one of the weakest years for new home starts since the mid 1990s,” Mr Dale said.

“The Federal Government needs to act urgently to introduce short term stimulus measures to boost new housing activity and turnaround a housing slump that is shutting out first home buyers and aggravating financial stress felt by lower income rental households.

“New home building activity peaked back in mid-2010 and ongoing weakening in new housing conditions is having a significant adverse impact on governments’ budgets.”

In the December 2010 quarter, seasonally adjusted new residential work done fell by 2.3 per cent in New South Wales, 4.8 per cent in Queensland, 5.8 per cent in Tasmania, 0.4 per cent in the Northern Territory, and 10.4 per cent in the ACT.

Housing activity slumps
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?