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Residential construction leading the sector

Despite an overall fall in building work done, the residential sector saw an increase.

The construction of Australian property is leading the way with building work in the country.

According to new figures from the Australian Bureau of Statistics (ABS), the trend for the value of residential construction work went up by 1.2 per cent in the first quarter of 2013. Compared to the same time last year, it also rose by 3.3 per cent.

However, the overall trend estimate for construction work done fell by 0.4 per cent in the March quarter. Trend estimates for non-residential and engineering building work done fell by 0.1 per cent and one per cent respectively.

This news came as a disappointment to construction workers in Australia, although they are continuing to look to the housing sector for a boost.

Chief executive officer of Master Builders Australia, Wilhelm Harnisch, said: "The building industry remains hopeful that the impact of Reserve Bank interest rate cuts will help the fledgling the housing recovery over the next few months."

Posted by Craig Francis

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