Housing starts hit an eight year low in the September quarter, plunging by more than 10 per cent.
Total dwelling commitments totalled 35,425 in the quarter according to the ABS, a figure not seen since 2001.
The Housing Industry Association (HIA) said such a sharp decline, ahead of the full impact of tighter credit conditions, highlighted the risk of a further drop in starts over the remainder of the financial year.
“Hefty interest rate cuts and fiscal stimulus create the potential for a modest recovery in detached house starts over the first half of 2009,” HIA chief economist Harley Dale said.
“The longer the current negative impacts of the credit crunch and general uncertainty persist, the greater the risk such a recovery fails to materialise.”
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