Global Power | Local Knowledge | Uniquely Personal
中文

Value of new build approvals fa...

Value of new build approvals falling

New figures reveal the value of construction work on new housing fell in the first quarter of 2013.

The value of construction work on new residential properties fell during the first quarter of 2013, despite previous figures suggesting otherwise.

Figures from the Australian Bureau of Statistics (ABS) show that the value of building work on new residential properties fell by 0.6 per cent between the December quarter of 2012 and the March quarter of 2013.

The revisions came through following a major audit from the Building Approvals collection for January 2013, which found that the value of residential construction work was higher than previously thought during the final quarter of 2012.

In total, the value of construction work on new builds, both residential and commercial, rose by 8.8 per cent. The amount spent on new residential building projects reached $621.5 million.

Nevertheless, demand for new housing remains high as consumer demand continues to increase. Governor of the Reserve Bank of Australia Glenn Stevens said earlier this month that more dwellings need to be built for this reason.

Posted by Craig Francis

 

 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now