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Building work 'cost $22.37m in Q3 of 2010'

The construction of Australian property in the third quarter of 2010 cost $22.37 million, new estimates have suggested.

The value of Australian property constructed in the third quarter (Q3) of 2010 totalled $22.37 million (£13.96 million), in trend estimate terms.

This is according to figures from the Australian Bureau of Statistics, which revealed that, in the same terms, the amount spent was 2.7 per cent more than in the second quarter of the year.

It is also 18.3 per cent more than the amount spent in the September quarter of 2009.

In seasonally adjusted estimate terms, $21.82 million was spent on construction in Australia in Q3 of 2010, which is 2.4 per cent less than in the previous quarter but 16 per cent more than the same period in 2009.

Of this amount, $9.91 million related to the construction of new residential property in Australia and $1.72 took the form of alterations and additions to existing residential buildings.

Earlier this month, a report from the Australian Bureau of Statistics revealed that engineering construction activity carried out in Australia in the September quarter of 2010 was valued at $19.9 million.

Posted by Ravin Chatlani

- property, building, construction

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