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The ABS Building Activity update for the September 2012 quarter shows a 2 per cent lift in new home commencements, said the Housing Industry Association (HIA), the voice of Australia’s residential building industry.

“The increase in dwelling commencements in the September 2012 quarter is the second consecutive quarterly improvement. With 37,027 commencements, this is the strongest quarterly result in over a year and no doubt assisted by the 75 basis points cut from the official cash rate over May and June last year,” said HIA Economist, Geordan Murray.

In seasonally adjusted terms the number of detached dwelling commencements increased by 4.3 per cent in the first quarter of the 2012/13 financial year, although remains slightly below (-1.4 per cent) the level of a year ago.

There was decline of 1.3 per cent in the number of multi-unit dwellings commenced in the quarter, but the level remains 5.1 per cent higher than the level recorded in the corresponding quarter a year ago.

“New South Wales posted an encouraging result with a 9.5 per cent increase in commencements in the quarter, although it is likely to be influenced by changes to government incentives that occurred around this time.

The headline result was underpinned by a substantial 18.8 per cent lift in detached dwelling commencements as well as a 1.8 per cent lift in multi-unit commencements,” said Geordan Murray.

Taking a look around the other states, dwelling commencements (seasonally adjusted) increased in Victoria by 2.9 per cent and in Western Australia by 23.6 per cent.

The number of commencements fell by 14.2 per cent in Queensland, 9.4 per cent in South Australia, 0.4 per cent in Tasmania, 29.9 per cent in the NT and 3.3 per cent in the ACT.

1-02-2013 4-00-01 PM

Story Source: http://economics.hia.com.au

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