New housing construction

Some $100 billion was spent on new housing construction across Australia last year.

New housing construction work done

State or territory 2018/19 distribution Change on year before Unemployment rate
Sept 2018 Sept 2019
NSW 35% -2% 4.4% 4.5%
Vic 32% 6% 4.6% 4.7%
Qld 16% -11% 6.0% 6.5%
SA 4% -1% 5.6% 6.3%
WA 7% -8% 6.1% 5.7%
Tas 1% 15% 5.9% 6.2%
NT 0% -37% 4.5% 5.6%
ACT 3% 20% 3.6% 3.5%
Australia 100% -1% 5.0% 5.2%
Matusik + ABS.  Value of Building Work Done, Chain Volume Measures, Seasonally Adjusted

Some locations are doing better than others.  Where building is strong, so too are employment numbers.  Where less home building is taking place, jobs losses are more common.

With one in four jobs – directly and indirectly – involving housing construction we need new builds and major renovations to keep many of us in work.

So, are we really going to drop the migration intake?

And if so, what will replace the housing market as a major economic driver?

Of import too is when will we start building homes than more can afford?

No?

Oh, silly me, I shouldn’t distract attention away from the latest auction clearance rates. Besides the daily housing index is spruiking clear skies ahead, what with SEQld always following Sydney’s lead.  Also, the cash rate is falling.  Plus, our banks are too big to fail. Anyways the new first home buyers’ scheme will see a big kick start to 2020.

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