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House building set to decline

29/06/2010

The Housing Industry Association said housing starts are likely to fall 3 per cent in 2011, reversing part of the expected 20 per cent rise in 2010. The HIA said Australia needed to build more than 190,000 dwellings in 2010 to meet demand.

Current estimates put total building at 165,940 houses. Activity in housing-renovations is set to remain at high levels due to strong job-market conditions and ongoing rises in house prices. HIA expects the total worth of the renovations sector increased by 7 per cent in 2009-10. Growth of 4 per cent was forecast in each of the subsequent two years.

Source: The Australian



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