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BIS Shrapnel’s latest building activity forecast report released today said a surge in engineering construction activity was driving record immigration levels and unprecedented demand for housing.
BIS said underlying demand for new dwellings would average 185,000 new dwellings over the next five years – well above the current estimate for starts in 2007/08 of 156,800.
“Australia cannot cope with much more expansion in business investment because the nation is running out of housing to accommodate the additional workers required,” the report said.
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BIS said strong growth in rentals and a reduction in interest rates should trigger an upturn in residential dwelling commencements in 2009/10.
Published: 04-08-08
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