The value of construction work on new residential properties fell during the first quarter of 2013, despite previous figures suggesting otherwise.
Figures from the Australian Bureau of Statistics (ABS) show that the value of building work on new residential properties fell by 0.6 per cent between the December quarter of 2012 and the March quarter of 2013.
The revisions came through following a major audit from the Building Approvals collection for January 2013, which found that the value of residential construction work was higher than previously thought during the final quarter of 2012.
In total, the value of construction work on new builds, both residential and commercial, rose by 8.8 per cent. The amount spent on new residential building projects reached $621.5 million.
Nevertheless, demand for new housing remains high as consumer demand continues to increase. Governor of the Reserve Bank of Australia Glenn Stevens said earlier this month that more dwellings need to be built for this reason.
Posted by Craig Francis
