Media Release
17 June 2009
Dwelling Starts Hit Bottom
Statement by Mr Peter Jones, Chief Economist
National dwelling commencements fell sharply again in the March quarter in the wake
of the crisis of confidence that unfolded late last year
as the global financial crisis
escalated, according to Master Builders Australia, the peak building and construction
industry association.
Mr Peter Jones, Master Builders’ Chief Economist said, “This latest downward slide will
only exacerbate an already chronic shortfall of housing, particularly in New South
Wales.
“Despite the latest figures, low interest rates and government stimulus measures are
working to kick-start a housing upswing that will also help to insulate the economy from
the worst effects of the global recession.
With a recovery set to unfold, Master Builders is predicting a 25 per cent increase in
annualised dwelling starts by this time next year as the investor-driven segment of the
market joins in the upturn.
The total number of dwellings commenced in the March quarter 2009,
seasonally adjusted, fell by 4.0 per cent to 30,949, to be down by 22.5 per cent
on the March quarter 2008.
The number of private new houses commenced fell
by 4.1 per cent to 21,428
units, down 16.3 per cent from the corresponding quarter a year ago.
Commencements of other dwellings, the category that includes apartments, fell
by 6.6 per cent in the March quarter to be down 34.9 per cent through the year.
For further information contact:
Peter Jones, Chief Economist, Office: 02 6202 8888, Mobile: 0403 440 838
NEWS 
