| ismal condition of the housing sector does not seem to | | | | outlook report for the June quarter has projected that |
| have any hope of reviving in the near future. There is | | | | project of new housing will be below the thirty |
| almost a six percent drop in the new housing projects. | | | | thousand mark. |
| The constructions of new homes have come to an | | | | The activity in new housing projects is almost at a |
| almost stand still phase and one will see people bidding | | | | stand still. For the past six year this new housing |
| at auctions to rent a house. | | | | industry has failed to recover according to Graham |
| There has been steady increase in the population | | | | Wolfe, who is an executive director at the Housing |
| growth of the country. To house this growing | | | | Industry Association. |
| population enough accommodation is required. It is not | | | | In a time when there is a great demand for new |
| just the growing population; there is also a larger scale | | | | houses construction in this sector is lagging far behind. |
| migration to many parts of the country due to better | | | | This has in turn created a situation of a great pressure |
| resource development which has in turn given rise to | | | | on the rental market. The demand on the rental has |
| new job opportunities. | | | | led a spiral increase in the rent of houses. The high |
| This has created a major shortage of houses almost | | | | demand has made the rent much tighter. |
| to the tune of forty five thousand. The drop of six | | | | In Queensland there will a shortage of almost twenty |
| percent in new housing is a big figure. The house | | | | percent this year in the new housing sector. No new |
| affordability has touched a dangerous level according | | | | constructions are being done. According to the outlook |
| to Chris Lamont of The Housing Industry Association | | | | report for the June quarter, there will be a shortage of |
| (HIA). | | | | almost eleven thousand homes this financial year all |
| The present scenario is such that when there is an | | | | across the state. |
| affordable housing estate with two or three house on | | | | It is not easy for the market to recover from such a |
| rent one can see that there are almost twenty five to | | | | slump. It will take much time for it to recover says |
| thirty people queued up outside the place. This then | | | | Warwick Temby, executive director of the |
| becomes a bidding war for the house among these | | | | Queensland branch of the Housing Industry |
| people. | | | | Association. May be things will improve from the |
| The highest bid decides the rate of the property. Many | | | | second quarter of 2009. That is if there is some |
| a times this rate is not affordable by the person who | | | | interest rate fall. The fall in the rate of the interest rate |
| has bid the rate. He makes the bid as he might be in | | | | can create a marginally increase in the activity in the |
| desperate need for the housing. | | | | housing sector. She says that the population growth in |
| In New South Wales the Housing Industry Association | | | | Queensland will be a major factor for rise in housing |
| has forecast a shortage of almost eighteen thousand | | | | activity in the state as they all need place to stay and |
| homes this fiscal year. There seems to be no activity | | | | the houses are in short supply. |
| in the new housing sector. The New South Wales | | | | |