| New home building gathers pace |
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| Thursday, 26 August 2010 00:00 |
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Source: Broker News - www.brokernews.com.au Australian Bureau of Statistics figures show new residential building work rose by 7.7% in the June quarter, as a first stage recovery in new home building finally flowed through to real building activity. Housing Industry Association senior economist Andrew Harvey said the "impressive outcome" had been expected due to a pipeline of work that had built up in past quarters, but had not yet been reflected in actual work done. “Excluding alterations and additions, new residential building is up 8.7% in the June quarter 2010, which is the fastest rate of growth since the September quarter 2001,” Harvey said. The volume of work done on major alterations and additions rose for a fourth consecutive quarter in June 2010, up by 1.8%, although the rate of growth has slowed relative to earlier quarters. “In the short term the building outlook is promising with around $27bn worth of total residential building in the pipeline, which is the highest level since September 2008,” Harvey said.
Source: Broker News, 26th Aug, 2010 - www.brokernews.com.au
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