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The Housing Industry Association’s (HIA) National Outlook has forecast a much anticipated recovery for the housing industry to occur over 2009/10.
Substantial fiscal stimulus and record-low interest rates will see a recovery kick off from mid-2009, the report said.
HIA chief economist Harley Dale warned however that the recovery would be slow.
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“This recovery will be heavily constrained by economic uncertainty and rising unemployment,” he said.
According to the HIA housing starts will fall by 17 per cent in the financial year ending June 2009 to before growing by 11 per cent over the subsequent two years.
This will result in a shortfall of dwellings of more than 50,000 per annum for some years to come.
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