While there was increased activity in dwelling commencements over the past quarter, the long-awaited recovery is still some time off according to Master Builders Australia (MBA).
National dwelling commencements rose in the September quarter by a seasonally adjusted 1.3 per cent to 37,647. They were still down however by 0.8 per cent compared to the September quarter of 2006.
“Interest rate speculation continues to dampen confidence and delay recovery,” said MBA's chief economist Peter Jones. “It is difficult to see a sustained upturn gathering momentum in this environment.”
According to Jones, higher interest rates will continue to keep a lid on increaded dwelling commencements.
“The industry still faces strong headwinds in the form of poor affordability and a lack of investor logic in the private rental market,” he said.
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