The gap between new housing demand and supply has widened even further with a drop in new home starts over the June 2007 quarter.
According to Australian Bureau of Statistics figures released this week, new home starts fell by 4 per cent over the June 2007 quarter to 36,512, a level 3.4 per cent down on a year earlier.
Detached house starts fell by 3.8 per cent to 25,708, their lowest quarterly level since the end of 2005 and one of the lowest levels seen in the current down turn.
Starts for multi-units fell by 5.7 per cent to 10,338, also their lowest quarterly level since late 2005 and the second lowest level of the current down cycle.
Over the 2006/07 financial year there were 150,993 home starts, 0.3 per cent fewer than in 2005/06 and a far cry from the 170,000 or more required annually to satisfy underlying demand.
On a state-by-state basis, the seasonally adjusted number of housing starts fell by 20 per cent in New South Wales and was down by 8.4 per cent in Tasmania, 6.6 per cent in Western Australia, and 2.1 per cent in Victoria.
Housing starts increased by 62.2 per cent in the Australian Capital Territory and were up by 14.6 per cent in South Australia, 11.3 per cent in the Northern Territory, and 1.8 per cent in Queensland.
