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 

Source: ABS