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Weak housing quarter continues

In the December 2011 quarter seasonally adjusted resident building work fell for a third consecutive period. It fell by 1.8 per cent to an annualised level of $44.5 billion.

New residential building fell by 1.7 per cent in the December 2011 quarter down by 7.7 per cent when compared with the December 2010 quarter.

The value of major alterations and additions, which account for around 20 per cent of the total renovations activity fell by 2.1 per cent over the quarter but up by 2.0 per cent for the year.

Evidence to date for 2012 confirms further weakness according to the Housing Industry Association.