Australian Bureau of Statistics' figures show residential property investment slumped a seasonally adjusted 10.9 per cent, plunging 5.5 per cent in the June quarter. And while dwelling investment was predicted to be better next financial year than last, it would still be poor. The decline in residential dwelling investment adds weight to concern that Australia is facing a serious undersupply of housing. The Housing Industry Association predicts an undersupply of a million new homes over the next five years, with Sydney hardest hit.
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