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16 December 2008

Housing starts fell for the third consecutive quarter in September 2008

Numbers of New-starts for housing builds was down again in the September Quarter of 2008. Alot of people may say, so what! its a buyers market we don't need any additional new stock on the market as it will just sit there unsold. Unfortunatley the large reduction in new housing starts in september and in fact for the third quarter in a row will have a signifacantly impact on the housing market in Brisbane.

Demand for housing is high and rising in Queensland in line with the continued population growth in the great South East. Decreased new housing is not good for those looking to find a home whether they be renting or buying.

HIA’s Chief Economist, Harley Dale said that housing starts fell by nearly 11 per cent in the September 2008 quarter. At a level of 35,425 for the quarter, starts hit their lowest level since the GST-induced weakness seen in 2001. (Source: HIA)

According to Australian Bureau of Statistics figures released today, detached house starts fell by 11 per cent to 24,130. Multi-unit starts dropped by 8.8 per cent to 11,070. "The annual level of housing starts is running at 141,700 and will drop well below the 140,000 mark in the December quarter," Harley Dale said. (Source: HIA)

According to the HIA ... The weakness in seasonally adjusted housing starts in the September 2008 quarter was concentrated in New South Wales (down 25.1 per cent), Queensland (down 22.7 per cent), and Western Australia (down 20.5 per cent).

With occupancy rates already hitting extraordinary lows in Brisbane, this will result in just more pressure on the rental market, resulting in more pain for renters and price pressure on existing housing stock in 2008-09.

Now is the time to buy!

Yours in property

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