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215,000 new homes for Australia

11 October 2015 by News Desk

property_towerMore than 215,000 new homes will be built on Australia this year but the figure is forecast to fall to 200,000 in 2016.

Residential construction has been a powerhouse of the Australian economy over the past five years, accounting for 11.5% of national GDP, but the market has begun to cool with sale prices levelling out and now starting to fall.

Despite the slowdown, the construction industry remains strong with business confidence in most states at an all-time high.

NSW and Victoria, that together contribute more than 50% of Australia’s GDP, leads the country in terms of confidence in the future.

Queensland, the Australian Capital Territory and the Northern Territory all recorded rises in confidence for the quarter.

Business confidence in Tasmania and South Australia fell while there is no change in business outlook in Western Australia.

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