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Housing : July 2009
Industry Outlook brighter I Housing takes a look at some of HIA’s latest forecasts to see how the industry is faring. days ahead n 2008/09 Australia was hit hard by high interest rates in 2008, a gloomy economy and a very weak property market. So, what holds for 2009/10? Will lower interest rates and the government’s hefty fiscal stimulus package for housing ease Australia’s housing shortage? Or will the economic head winds continue to blow against new housing activity? HIA’s latest Above: HIA’s Senior Economist Ben Phillips. forecasts for each state and territory provide some answers. On a state-by-state basis, 2008/09 provided very mixed results, says HIA Senior Economist Ben Phillips. Victoria grew over the past financial year and now accounts for nearly one in three new homes built across the nation ‘The former powerhouse states of Queensland andWestern Australia were hit hard as their economies and property markets fell,’ he says. ‘In recent years both states had been boosted by very strong population HOUSING JULY 2009 13