Housing falls to new lows in NSW

The construction of new apartments and townhouses slumped 30 per cent in NSW over the three months to June, the lowest level since the 1991 recession. 2,835 new apartments were started in NSW in the June quarter, down from more than 7,000 in the December quarter of 2002 according to the Bureau of Statistics. The number of new freestanding homes fell to 3,919, comparable to the lowest levels recorded since 1969.

Source: Sydney Morning Herald