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Strong growth in residential building commencements

Released 17/12/2007

The number of dwelling commencements in the ACT grew by 8.2 per cent year on year to the September quarter 2007 while the number of commencements nationally fell by 0.3 per cent over the same period, according to data released today by the Australian Bureau of Statistics.

With an increase of 21.7 per cent the ACT also recorded the largest rise of all jurisdictions in dwelling commencements in the September quarter 2007.

Chief Minister and Treasurer Jon Stanhope said the ACT Government’s Affordable Housing Strategy has helped drive building activity in the ACT.

“This high level of residential building activity is highly likely to continue with the englobo release of more than 550 residential blocks at West Macgregor and up to 700 blocks at Casey during 2007,” Mr Stanhope said.

“These land releases will see the stock of housing for both sale and rental increasing over time to make housing more affordable for more Canberrans.

“And with a healthy building sector being vital for a healthy economy, the building activity encouraged by the ACT Government’s Affordable Housing Strategy will also help to keep the ACT economy strong into the future.

Mr Stanhope said the ACT Government’s flexible approach to commercial land releases will also help ensure strong building activity into the future.

“Using different methods the ACT Government has recently completed the successful sale of the QEII site and the record breaking sale of Section 63 for $92 million,” he said. “These sales have delivered good returns for ACT taxpayers and will ensure building activity continues on these sites for some time to come.

Statement Ends

Media Contact: Penelope Layland 6205 9777 0438 289 714 penelope.layland@act.gov.au

Paul Kindermann 6205 1690 0403 600 955 paul.kindermann@act.gov.au