Australia’s new home building boom is over, and it could take the federal government’s recent budget goal to start one million new homes in five years with it.
The housing industry’s peak group has warned recent rate hikes will result in construction plunging to a decade low in 2024 after a plunge in new house sales last month.
Revealed in a new Housing Industry Association report surveying the nation’s biggest home builders, the figures show the speed of the boom’s decline is ramping up after a 22.8 per cent slump in the number of new detached house starts in October trumped the 15.8 per cent drop recorded in the three months between June and September.
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