26 Jul '13, 9am

Big drop is Aussie new home construction

New residential construction in Australia has plummeted across the nation, according to data from PRDnationwide's most recent Quarterly Economic and Property Report . The report from the Australian real estate agency noted that during the March 2013 quarter, the total value of residential construction work completed in Australia decreased by 10.1 percent to AUD9.65 million (S$11.3 million). While the rest of the country remains in the engineering and construction doldrums, residential development in Western Australia is accelerating unabated, defying the national trend to increase by 10.8 percent. Director of Research Aaron Maskrey noted that Western Australia had shown great resilience in the face of an Australia-wide reduction in residential construction. He said: "In the area of residential construction, Western Australia has outperformed all the other states and territ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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