The number of standalone houses starting construction is set to plummet this year and next to its lowest level in a decade, as rising rates dent demand, according to HIA forecasts.
The number of standalone houses starting construction is set to plummet by 21 per cent this year and to their lowest level in a decade next year, according to HIA forecasts, as rising interest rates dent demand.
“The 2022 cash rate increases were sufficient to bring this building boom to an end and further increases in 2023 will accelerate this downturn,” said Tim Reardon, HIA chief economist. “There are long lags in this cycle given the large volume of building work under way, which will obscure the impact of the rate rises on the wider economy.
“Multi-units are expected to benefit from growing consumer interest due to lack of land supply for detached homes, and the pick-up in migration.
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