Ensure you never miss an issue of the
real estate business bulletin
New home building slides

New home building slides

by Reporter 0 comments

Staff Reporter

New home building activity has slumped yet again, according to the latest data from the Australian Bureau of Statistics.

Total seasonally adjusted residential building work done fell by 1.1 per cent to $11.4 billion in the September 2011 quarter.

New residential building work done fell by 1.5 per cent in the September 2011 quarter to be down by 5.2 per cent on the September 2010 quarter while the value of major renovations work done grew by 0.9 per cent to be up by 6.3 per cent on the commensurate quarter one year earlier.

"The 1.5 per cent decline in new residential work done reflects a 2.6 per cent decline in detached housing which was partially offset by a 3.4 per cent increase in 'other dwellings'. Today's result suggests that new dwelling investment will detract from GDP growth in the September quarter national accounts, due for release in two weeks' time," Housing Industry Association's acting chief economist Andrew Harvey said.

"At the national level, new home building has been on a consistent downtrend, while renovations have not only held up well but continue to grow – the renovations side of the home building industry is definitely the shining light at the moment.

"This trend of growing renovations is likely to continue not only because Australians love to renovate but also as households increasingly prefer to direct excessive property transaction costs towards improving their existing homes rather than trading up."

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
New home building slides
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?