The Housing Industry Association has again revised down its outlook for WA housing starts this year, predicting a 12 per cent drop during 2008-09, according to its market outlook report released today.
The agency was previously forecasting a 3 per cent decline in new home starts, but revised its position to account for interest rate rises, higher petrol prices, share market volatility and the global credit crunch.
It now estimates that 18,700 new homes will be built this financial year, which would lead to a shortfall of 10,000 dwellings.
Housing leases has dropped 21% from the figure last year!
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