Home
  • plan
  • Invest
  • Property
  • enquire now
  • Learn
Home
DPN
  • plan
  • Invest
  • Property
  • enquire now
  • Learn

HIA calls for rate cut

The Housing Industry Association is urging the Reserve Bank to cut the official cash rate again in February, after new data confirmed weak quarter growth for new housing and alterations.

TAGS

Beginner (594) / Intermediate (553) / Expert (576)

The Housing Industry Association is urging the Reserve Bank to cut the official cash rate again in February, after new data confirmed weak quarter growth for new housing and alterations.

According to the latest data from the Australian Bureau of Statistics, residential building work done fell by 1.6 per cent to an annualised level of $45.5 billion in the September 2011 quarter.

"Leading housing indicators looked very weak in late 2011, but ahead of this period actual residential construction activity had already been trending down for 12 months," HIA chief economist Harley Dale said.

"A three pronged attack is required to resurrect activity in residential building, an industry which has a large multiplier impact in terms of output and employment across the wider domestic economy.

"There is an urgent need for further cuts in borrowing costs for both businesses and mortgage holders, short term government stimulus, and renewed action on the longer term housing policy reform front."

New residential building work done fell by 1.9 per cent in the September 2011 quarter reflecting a 2.6 per cent decline in detached housing and slight fall of 0.3 per cent in 'Other dwellings'.

Meanwhile, the value of major alterations and additions work done, which accounts for around 20 per cent of total renovations activity, eased by 0.2 per cent.

 


Follow us on Twitter for more news, tips and inspiration.
Like us on Facebook and Google+ explore our Pinterest boards.

Like this article or found it helpful? Share it!

Newsletter

Receive our articles directly to your inbox

Next article

Perth data seized as sign for hope

Go to articles list

Programs

Work with us
Giving back
Become an affiliate
Refer a friend
Help desk
Property Management
Finance

Locations

Head office
Australia
Hong Kong
Singapore

Contacts

Toll free in Australia
P. 1300 723 318
Outside of Australia
P. +61 2 9525 2033

Social Media

Newsletter

Terms of use | Privacy policy | Guarantees

This information is provided by DPN Pty Ltd ABN: 94 630 700 186, Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and a related entity of DPN Pty Ltd. Casa Capace Operations Pty Ltd ABN: 79 624 981 184, NDIS provider Number 4050038018 trading as Casa Capace.