Residential building starts plummet to lowest since GFC: ABS

The pace of decline in residential construction picked up notably in the final quarter of 2011, with residential starts falling to their lowest level since the GFC led by a 21% drop in Queensland, according to the latest ABS figures.

December quarter dwelling commencements fell 13.4% (compared to the same period in 2010) to a seasonally adjusted total of 33,653.

This is more than double the 5.8% quarter-on-quarter decline recorded in the September 2011 quarter.

Over the December quarter, housing starts fell 2.7% to 21,845 following a fall of 1.7% in the September quarter while the more volatile unit starts sector fell by 13.9% to 10,739 following a fall of 10.7% in the September quarter.

Apart from the big drop in Queensland dwelling starts there was 7.8% fall in Victoria and smaller falls in South Australia, WA, NT and the ACT.

NSW and Tasmania recorded small rises in dwelling starts.

 

Seasonally adjusted dwelling starts 

NSW

Vic

Qld

SA

WA

Tas

NT

ACT

Dec-10

7628

14028

6603

2553

5276

746

261

1683

Mar-11

8483

13957

7218

2494

5051

760

456

1072

Jun-11

7421

15075

6253

2425

5087

649

159

1397

Sep-11

7301

12937

6824

2540

4782

574

296

1290

Dec-11

7342

11993

5605

2149

4626

607

236

1051


Source: ABS

 


Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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