Building activity takes a dive in September
Big fall in the value of non-residential building works.
The value of completed building works in Australia fell slightly through the September 2016 quarter, according to new Australian Bureau of Statistics (ABS) data.
The ABS figures show the total value of work done fell 0.7% to $26,534.8 million during the September 2016 quarter.
The value of new residential building works rose modestly (0.4%) during the quarter, supported by a substantial increase (1.2%) in the value of new other residential buildings (eg apartments, townhouses, home units, semi-detached houses and duplexes).
However, this wasn't enough to balance the sizeable (-3.1%) fall in value of non-residential building works.
Figures show the total number of dwelling units commenced fell 2.5% in the September quarter.
New private sector house commencements rose 2.3% over the quarter, while new private sector other residential building commencements fell 7%.
Figures released by the ABS late last year showed that total dwelling approvals fell by 8.7% during September.
It's not all bad news. The latest ABS housing finance figures reveal home loan values are on the rise again after months of significant declines in both values and commitments.
Buying or investing in property? Our home loan comparison guide can help you secure the best finance.
- Now’s a good time to consider an investment property in regional Australia
- Australia’s top FOMO suburbs: the once-cheap suburbs now worth a ton
- Renters could face tough market in future
- Virgin Money breaks with rivals by cutting interest-only mortgage rates
- How first home buyers are getting into the market (and how you can too)