Despite the challenges faced over the course of 2018, ABS figures for the September 2018 quarter  indicate that building activity was still at a relatively high level. Residential building activity was 4.1% higher than the same period a year earlier, with non-residential building seeing growth of 2.3% over the same period.

Interestingly, the latest figures show that the immediate pipeline of work in residential building was very large. A total of 227,186 new dwellings were under construction at the end of September 2018 with a further 36,274 dwellings having received approval but awaiting the start of work on this date.

With the approvals and finance data discussed above pointing to a sharp reduction in new home starts during 2019, the completion of work on projects already started will still keep residential building busy in the opening months of 2019 at least.

Shane Garrett

Chief Economist

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