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Building activity rises in Australia

New statistics show that building activity has been on the rise in Australia.

Building activity is on the up in Australia, according to new figures from the Australian Bureau of Statistics (ABS).

It showed that the value of building activity increased by 0.2 per cent in the June quarter and was up 2.1 per cent compared to the same quarter in 2012.

For residential building work, the value rose by 0.3 per cent in the June quarter. However the value of work on new houses fell by 1.4 per cent while other residential building rose by 3.2 per cent.

With 160,793 new properties being constructed in the year to June, it is hoped that the new building will allay concerns of a housing bubble. As interest rates are low at the moment, demand for housing has been rising and pushing property prices up. Property experts feared that some people would therefore be priced out of the market.

Governor of the Reserve Bank of Australia (RBA) Glenn Stevens called for more housing to be built earlier this year.

Posted by Ravin Chatlani

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