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Australia’s current slump in residential construction will leave a legacy of insufficient dwelling stock for the coming decade, Macromonitor warned yesterday.
The data provider’s Australian Construction Outlook 2008 – Residential Building report forecast that while a three year upturn in residential building will occur from 2009/10, the construction of dwellings will fail to keep pace with demand.
Nigel Hatcher, Macromonitor’s director, said ongoing affordability problems and supply constraints would be the underlying barriers to satisfying housing demand.
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Macromonitor forecast an increase in dwelling commencements of just 2.1 per cent in 2008/09, with an acceleration of 10 per cent in 2009/10.
Published: 05-06-08
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