Construction remains flat
Figures released today show that residential construction failed to grow at all in the September quarter. Low affordability stifled any hope of a sustained recovery for home building, according to the Housing Industry Association.
The figures show a flat result through the September quarter and 4.2% less work done than in the September quarter last year.
The value of new housing eased by 0.4% to $7.8 billion.
For alterations and additions, which captures around 25% of the total renovations market, work done increased by 2% to $1.5 billion.
The HIA said that stark differences remained across states with no real strength apparent outside resource-rich areas.
HIA's Chief Economist, Mr Harley Dale, said that while a sharp fall in residential activity would be avoided, the hopes of a sustained recovery over the remainder of 2006/07 were slim
.