HIA Commentary
The HIA says the surge in land sales points to a lift in new home starts in 2010. Approvals to build new homes surged over the second half of 2009 as low mortgage rates, first-time buyer’s grants and rapid population growth drove demand after a long period of under-building.
The resulting lift in home construction is expected to make a healthy contribution to economic growth this year, a marked contrast to 2009 when the home building sector dragged badly.
Today’s trade numbers confirm the strength of domestic demand but exports have failed to keep up which has had already subtracted a hefty 1.6% from GDP in the third quarter, and was the main reason that overall growth came in at a disappointing 0.2%.
The AUD remained steady for most of the day at around 88.50c. The miners had another good day, pushing the ASX 0.9% to finish 42 points up.
Source: Bank of Queensland
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