Residential property commencements down in fourth quarter
There has been a 2.3 per cent drop in new home commencements for the December 2012 quarter, ...
There has been a 2.3 per cent drop in new home commencements for the December 2012 quarter, according to new data from the Australian Bureau of Statistics.
After a strong September quarter, these figures show that fewer residential properties were started which may affect first time buyers and property investors.
Housing Industry Association (HIA) economist Geordan Murray said: "There are signs that NSW and Western Australia are on a path to recovery, and the strong December quarter result for the recessed South Australia market is encouraging."
"In contrast, the signals for the remaining states and territories are weak."
The Property Council of Australia reported seasonally adjusted values of increases for Victoria (0.3 per cent), Queensland (0.4 per cent), South Australia (40.1 per cent) and Western Australia (5.6 per cent).
States showing decreases were New South Wales, Tasmania and the Northern Territory and Australian Capital Territory, with falls between 7.4 per cent and 48.8 per cent.
Buying land to build on is just one option for home buyers and property investors, which accounts for some of the data analysed for new home commencements.