A report into Australia's housing industry has warned of a downturn in supply as federal stimulus measures fade.
The Housing Industry Association's National Outlook says housing starts are forecast to fall by 4 per cent in the current financial year.
The report says last year's boost to the first home owner grant and lower interest rates helped drive a 26 per cent increase in the number of new homes built nationally.
But the HIA warns the country's housing shortage is set to get worse because not enough homes are being built to match demand.
The report also found the stimulus measures prompted a short-term recovery in new home building and helped Australia avoid a recession.
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