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New-build sector 'continuing to struggle'

Australian new-build properties are not being delivered as fast as is required.

The new-build Australian property sector is continuing to have difficulties in making a sustained recovery in the present economic environment, it has been claimed.

Property Wire reports figures from the Housing Industry Association (HIA) have highlighted a 6.4 per cent increase in August for new dwelling approvals.

However, the data revealed the number of new-build starts remains down by 28.4 per cent on the same month last year, with the detached market seeing the worst of the falls.

"New home sales for August are the latest in a string of soft new housing updates for this financial year and that follows a very weak year for new home building in 2011," commented Harvey Dale, chief economist for the HIA.

According to data from the latest HIA-Colorbond Housing 100 report, the number of housing starts across the country during the last 12 months has fallen by 7.3 per cent to 48,130 in comparison to the previous year.

Posted by Craig Francis

- approvals, building, housing, HIA, property

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