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'Widespread weakness' in Australian home building

Home building in Australia witnessed a downturn during the last quarter.

Widespread weakness in the Australian home building sector has been highlighted in a new report from the Housing Industry Association (HIA).

 

 

The body's latest Trades Report revealed there has been a significant increase in the availability of skilled labour across the country during the last full quarter, highlighting a downturn in the number of projects that are currently underway, Property Wire reports.

 

 

HIA chief economist Harley Dale told the news provider: "Governments have a crucial role to play in delivering investment and reform to boost housing activity."

 

 

He added that tens of thousands of skilled workers are now feeling the pinch of a downturn in activity in the Australian construction sector.

 

 

Earlier this month, the Property Council of Australia revealed a significant downturn in confidence among home builders across Australia as part of its annual Property Industry Conference Survey.

 

 

Overall, the construction industry's sentiment index diminished from 113 to 106 between the June and September quarters this year.

 

 

Posted by Ravin Chatlani

 

 

- property, building, construction, economy

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