New home starts have plunged to the lowest level in more than a decade, as constrained conditions in the building industry and elevated interest rates crunch the construction of new housing.
With the construction sector battered by soaring cost, elevated interest rates and labour shortages , new home building starts plunged in 2023.
Last year’s result was the lowest annual reading since 2012, and is far short of the surge in Australia’s population, which vaulted by 620,489 over the same period. Separate data released by the Bureau earlier this week showed building approvals, a leading indicator of Australia’s residential construction pipeline, was also sluggish through February.
Construction Sector Forecasts Show Oceania Residential Construction Pipeline Australian Bureau Of Statistics Housing Market Lowest Level Annual Reading Australia And New Zealand Interest Rates Lowest Annual Construction Activity Frank Carbone Lowest Annual Result Elevated Interest Rates Construction Industry Peak Property Developers Labour Shortages Sharon Smith Sky News Australia Newswire-Business Australia Home Starts Housing Starts
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia news LIVE: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »
Australia news LIVE: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »
Australia news LIVE: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »
As it happened: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »
As it happened: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »
As it happened: Labor plans new immigration defence; TikTok faces new calls for banThe federal government will move to block the release of more immigration detainees by mounting a new defence in the High Court.
Read more »