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Biggest housing slump in a decade

24 Nov 2010

From Savanth Sebastian - CommSec

Construction work done

Construction work done fell from record highs, down by 2.1 per cent in the September quarter. In real terms the value of construction work done fell to $41.4 billion in the September quarter.
Residential building slumped by 6.1 per cent in the quarter– marking the biggest quarterly fall in nearly a decade. Private sector work fell by down 5.9 per cent CommSec estimates the slide in residential building will detract 0.2-0.3 percentage points to September quarter GDP growth
The longer term outlook for commercial and residential construction is still positive. Construction work yet to be done stood at $42.4 billion in the September quarter, down a modest 6.0 per cent from the record highs reached in the March quarter.
CommSec estimates that overall construction costs rose by 0.7 per cent in the September quarter – marking the biggest rise in two years. In annual terms, construction costs are now up 1.4 per cent on a
year ago.

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