Jul 20, 2017 Last Updated 8:28 AM, Jul 20, 2017

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Australian home building set to shrink says Deloitte economist

crane constructionAusBNAusBN - Leading economist Chris Richardson has predicted in the latest Deloitte Access Economics business outlook that the home building boom of recent years will start to recede.

“The pace of home building is set to shrink further amid increasing evidence that gravity may soon start to catch up with the stupidity in housing markets,” said Richardson.

The construction sector in Australia has been a key prop for the broader economy in recent years, with new homes in major cities in particular being built at an escalating rate.

The combined value of capital city dwellings increased by 9.6% over the past financial year, according to separate new figures, a number higher than the 8.3% rise seen over 2015/16.

Richardson's predictions will come as a welcome boost to prospective home buyers across the nation who have faced spiralling housing costs in recent years.

He also envisages that official interest rates will start rising from next year, following the global trend set by the US.

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