The Housing Industry Association (HIA) has stated home building projects across the country need a stimulus package in order to boost Australian property investment.
It follows a fourth decline in the last five quarters in the number of asset-back security dwelling commencements, with the latest data showing an 11.5 per cent fall for the 12 months to the year ending September 2011.
HIA senior economist Andrew Harvey said: "Put this result on top of the September quarter national accounts outcome ... and the urgent need for stimulus to kick-start new home building becomes crystal clear."
He added the government now needs to act quickly to provide a short-term boost to delivering more Australian homes and to reduce barriers for supply.
The announcement follows the recent publication of data from the Australian Bureau of Statistics, which revealed property investment approvals remained flat in the September quarter, with a fall of 6.8 per cent to 35,672.
Posted by Steve Douglas
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