Residential building activity increased slightly in the March quarter by 0.3 per cent, seasonally adjusted, to reach $9.731 billion.
Compared to the March quarter 2007, construction activity was down by 2.6 per cent.
Master Builders Australia chief economist Peter Jones said the “weak albeit positive increase” in residential building really masked a negative trend that will deepen as the full impact of higher interest rates begin to take effect.
“A recovery is not likely to gain any momentum until well into 2009,” he said, when rates would likely begin a shift down.
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