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Housing turnaround begins

27/08/2010

The residential building market may be turning around. New residential building work rose by 7.7 per cent in the June 2010 quarter, ABS figures showed yesterday. According to HIA senior economist Andrew Harvey said “This impressive outcome is what we have been expecting for some time now as work in the pipeline has been accumulating in recent quarters but until today has not been reflected in actual work done,” he said.

“Excluding alterations and additions, new residential building is up 8.7 per cent in the June quarter 2010, which is the fastest rate of growth since the September quarter 2001.”

Source: Banking Day



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