The wonderful way of economic leads and lags is illustrated in this morning's Australian Bureau of Statistics figures for dwelling units commencements in the March quarter. The total number of new private sector house dwelling units commenced fell 4.0% in the quuarter which followed a revised fall of 11.5% in the December quarter. The seasonally adjusted estimate for new private sector other residential building fell 6.6% in the March quarter following a revised fall of 21.8% in the December quarter.
Yet an upturn in home building activity should soon be on the way. Both the number and value of financial commitments for owner occupied housing have been on the rise since back in September.