Although the total value of Building Work Done declined by 0.9 percent in chain volume measures terms in Q3 2014 to $22,287m to be only a moderate 5.1 percent...

Although the total value of Building Work Done declined by 0.9 percent in chain volume measures terms in Q3 2014 to $22,287m to be only a moderate 5.1 percent higher over the year, the flow of residential projects in the pipeline is now starting to bear fruit. All four of Australia's most populous states simultaneously recorded the highest number of unit starts on record in Q3 thus taking quarterly dwelling commencements to a record high of 52,380 (+26.4% y/y). Unit and apartment commencements have now boomed by 47.5% y/y. Several capital cities are at risk of seeing an oversupply of new apartments - particularly Melbourne. More here: (VIEW LINK)