The value of new residential building work fell by 2.9% in the June quarter, new figures from the Australian Bureau of Statistics (ABS) have revealed.
The statistics, released by the ABS yesterday, showed that the value of new residential building work fell 2.9% in the latest quarter and that the value of new house construction dropped by 4.1%.
The seasonally adjusted estimate of the value of new residential work done fell 1.2% to $8,295.2m, while work done on new houses fell 1.8% to $5,581.6m.
Housing Industry Association (HIA) chief economist, Dr Harley Dale said that while 2009/10 would be a healthier year for new residential construction, the prospect of a rapid solution to the shortage of housing stock was unlikely.
"The sixth consecutive decline in the worth of dwelling commencements in the June 2009 quarter highlights that dwelling investment isn't turning the corner yet," said Dale.
The weakness in seasonally adjusted new residential work done in the June 2009 quarter was primarily reflected in Queensland where activity fell by 13.6%. New residential work done fell by 1.8% in South Australia, 0.4% in New South Wales and 0.2% in Western Australia. New residential work done increased by 5.5% in Victoria and was up by 5.6% in Tasmania, 27.8 per cent in the Australian Capital Territory, and 48.6% in the Northern Territory.
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