Data from the Australian Bureau of Statistics shows that the backlog of residential construction work has blown out to a record $53 billion.
The value of house building work that is yet to be done has risen to $22.8 billion, while the value of apartment construction work in the pipeline has topped $30.7 billion.
Meanwhile, ASIC data shows that nearly 1500 construction companies have shut down since 30 June, putting the year on pace to be the worst in at least ten years.
Earlier this week, the National Housing Finance & Investment Corporation (NHFIC) released its State of the Nation’s Housing report, which forecasts that demand will exceed supply by 124,100 dwellings over the five years to 2028 amid record net overseas migration..
