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Despite current weak economic conditions and slow housing starts, the Housing Industry Association (HIA) is confident the market will recover over 2009/10.
Commenting on the housing body’s December quarter 2008 HIA National Outlook, released yesterday, chief economist Harley Dale said that substantial fiscal stimulus and large rate reductions have created the conditions for an increase in house starts over the next financial year.
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“The first home owners boost, mortgage rates at a forty year low and the housing components of the federal government’s Nation Building and Jobs Plan have the capacity to deliver a moderate recovery in residential activity,” he said.
Housing starts are forecast to grow by 13 per cent in 2009/10 and by a further 6 per cent in 2010/11, reaching a level of 158,100 starts.
