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New homes fall into hole

New home building slumped in the June quarter, according to data released this week by the Australian Bureau of Statistics.

The latest figures show that total home starts fell 11.8% to 40,720, in seasonally adjusted terms.

Work started on new houses fell 6.6% to 25,162, while apartment building fell by 19.6% to 14,529 dwellings.

Dwellings currently under construction dropped by 1.4% to 237,779 dwellings in the June quarter. Completions fared no better, with the total number of homes completed fell 7.5% to 41,669 dwellings in the June quarter, in seasonally adjusted terms.

Again, apartments drove the decline, falling 20.1% to 13,379 homes to be just 0.3% higher for the year. Work finished on new houses fell 1.6% to 27,213, following a rise of 3.9% in the March quarter. Work completed in this sector is down 3.1% for the year.

The value of new residential building work done increased by 1.2% to $15.9b in the June quarter, following a decrease of 0.4% in the March quarter. Work completed on alterations and additions to residential buildings fell 5.0% to $2.6b.

About Adam Nobel

CEO | Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA


0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 22 years experience in property investment, and 16 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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