New data re House building starts

Hi Readers,
Enclose article from the Residential Developer Magazine. From ANZ Economics. “Australia’s population grew at its fastest rate for 35 years in 2008. This is on top of the well above average rates of growth recorded in since 2005. Such growth has carried with it an undeniable increase in demand for housing. ANZ reckons about 190,000 dwellings are needed to accommodate this year’s population. The number of dwellings actually being built has fallen consecutively since 2005 and is expected at 120,000 dwellings in 2009/20010: the lowest level since 1988″

.WHY?
TJ says

1  Building costs are inflating.
2  Rising state based taxes developmental levies are to DOUBLE next year. That’s from close to $7,000 a block to $14,000 a block
3   Tighter  banking lending criteria ,following the USA financial crisis.
4   Slow council development approvals.
5   Fear factors, fear of underemployment, fear of a lack of buyers, fear of GFC
Cheers  Tim writer

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