Best Asia real estate editor's comments:
Below is further evidence that the Australian real estate market in most areas especially close to large cities such as Brisbane Sydney and Melbourne is slowing down as demand slows down.
With a falling Australian dollar and Chinese demand down 60% there nowhere for the market to go except down.
There's an old saying in the marketplace "Bears make money, bears make money, and pigs get slaughtered".
"Bears make money, bears make money, and pigs get slaughtered".
The Australian real estate pigs are going to be slaughtered.
Take a little less and get out now. I'm sure most will have a handsome profit.
Take that profit and put it into greener pastures such as Bali which has already had a 20% to 50% correction and prices are starting back up
Take a look at our latest low-priced reduced properties in Bali on our Best Asia real estate website www.bestasiarealestate.com
Big fall in the value of non-residential building works.
The value of completed building works in Australia fell slightly through the September 2016 quarter, according to new Australian Bureau of Statistics (ABS) data.
The ABS figures show the total value of work done fell 0.7% to $26,534.8 million during the September 2016 quarter.
The value of new residential building works rose modestly (0.4%) during the quarter, supported by a substantial increase (1.2%) in the value of new other residential buildings (eg apartments, townhouses, home units, semi-detached houses and duplexes).
However, this wasn't enough to balance the sizeable (-3.1%) fall in value of non-residential building works.
Figures show the total number of dwelling units commenced fell 2.5% in the September quarter.
New private sector house commencements rose 2.3% over the quarter, while new private sector other residential building commencements fell 7%.
Figures released by the ABS late last year showed that total dwelling approvals fell by 8.7% during September.
It's not all bad news. The latest ABS housing finance figures reveal home loan values are on the rise again after months of significant declines in both values and commitments.
Buying or investing in property? Our home loan comparison guide can help you secure the best finance.
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