The Housing Industry Association (HIA) has highlighted a slight upturn in construction activity that has helped to somewhat ease the pressure on the Australian property sector in November.
According to the latest Australian Performance of Construction Index, activity within the sector declined at a slower rate than has been recovered during recent months in November - up by 1.2 points to 37.0.
Australian Industry Group director for public policy Peter Burn said: "The further weakening in new orders, including in the engineering construction sub-sector, points to a continuation of sluggish activity over coming months."
However, he added that this slight upturn in the index shows there is scope for a future revival and all that is needed is a sustained run of confidence.
Earlier this week, HIA chief economist Harley Dale claimed the lack of growth in the property sector has contributed to an overall lacklustre quarter in terms of gross domestic product performance for Australia.
Posted by Craig Francis
